Irish explorer PetroNeft's shares surge on production rise

Shares in Irish oil and gas exploration company PetroNeft Resources surged by nearly 30% on the back of the company reporting significant production increases at its assets in Russia, where oil prices are rising.

PetroNeft, which owns 50% stakes in two licences in the Tomsk region of Siberia, said production levels in one of the licences rose by nearly 8% year-on-year to reach a daily level of 1,589 barrels per day in July.