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.

Irish explorer PetroNeft Resources has struck a deal that ensures an activist shareholder cannot vote against the board at any general meeting for two years.

Shareholders in Irish exploration firm, Petroneft Resources, illustrated their support for the company’s management yesterday by overwhelmingly voting in favour of the firm’s recent farm-out agreement and unanimously opposing a hostile takeover approach from another investor.

Petroneft Resources has said it hopes to be in a position to update its shareholders on its refinancing plans in the coming weeks.