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PetroNeft mulls asset sales in Russia after posting loss

Wednesday, 26th September 2018
Russia-focused oil and gas company PetroNeft Resources said it was mulling the disposal of its production licences after it posted a first half loss.

Pre-tax losses for the six months through June amounted to $683k, narrowing from a loss of $1.2m on-year.

Rising revenue was more than offset by operating and finance costs.

PetroNeft said it had engaged financial advisers with joint venture partner Oil India to evaluate the disposal of Licence 61 in Russia.

'While we are only in the early stages of this process and there is no certainty that any transaction will be completed, we have seen an encouraging level of interest from a range of well-financed industry players,' it said.

'Furthermore, once the testing of the C-4 well at Licence 67 is complete we will consider a similar process for Licence 67, working with Arawak.'

At 2:13pm: (LON:PTR) Petroneft Resources PLC share price was 0p at 1.5p

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