The new chief executive of Irish exploration company PetroNeft Resources has said the company will likely be sold within the next two-to-three years.

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.

A new oil and gas exploration company, AzEire Petroleum Ltd has been launched seeking hydrocarbon resources in the North Celtic Sea and Fastnet basins.