PetroNeft raises $43m in 'oversubscribed' placing

Irish exploration company PetroNeft said today it has successfully placed $43m at £0.43 (pence) per share in a placing which was ‘substantially’ oversubscribed.

The proceeds will be used to fund an accelerated exploration programme at its two licence blocks in Tomsk, in Western Siberia and for new business development opportunities, the company said.

PetroNeft also said it was on course to achieve production of 4,000 barrels per day by December with plans to treble production by 2012.

The company is listed on the ESM in Dublin and AIM in London.