Irish oil firm PetroNeft raises $6.7M to fund Russian oilfield development

March 18
7:23 AM 2014

PetroNeft Resources has secures $6.7 million (€4.8 million) via share placement and debt facility to support its Russian oil exploration project, according to Irish Independent.

PetroNeft managed to raise $5.2 million through the placement of 62 million shares. The remaining $1.5 million was secured through a debt deal with Arawak Energy, the report detailed.

The Irish firm will use the proceeds of the said deals to buy and deliver supplies to its oilfield at License 61, Tomsk Oblast in Russia. The company will also use the new capital for its operations. In addition, PetroNeft has to pay back the $2.5 million it owes Macquarie bank. At present, the firm has to finish securing the deal for License 61 by April 15 or Macquarie may put the license up for sale, the report explained.

PetroNeft Resources is an Ireland-registered public company based in Dublin. The firm is involved in the development of oil assets in the Tomsk Oblast. It is currently listed on the Dublin ESM and London AIM markets, according to PetroNeft's web profile.

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