Irish explorer PetroNeft mulls sale of Russian assets

Irish exploration company PetroNeft Resources is looking at all options - including the sale of its chief assets - in a bid to return value for its shareholders.

The company said M&A activity in the Russian market, where it is solely focused, has picked up and that it is open to any activity, either as a buyer or a seller. PetroNeft said its current share price - down around 20% in the year to date at around 1p - does not accurately value its assets.