Sale of Irish oil firm PetroNeft's Russian assets 'taking time'

Irish exploration company PetroNeft Resources has said it is taking time to sell its Russian-based assets, but that it is happy with the level of interest shown by potential buyers.

The company owns a 50% stake in two licences in the Siberian region of Tomsk. It is currently engaged in a low-cost programme of improving production and reserves at the two licences while testing market sentiment towards a sale of its stakes.