Petroneft books wider FY pretax loss
By BFN News | 08:45 AM | Friday 27 June, 2014
Petroneft booked a wider FY pretax loss of $11.5m, from a loss of $2.8m a year earlier. Revenue was $38.7m, from $34.6m.
"The main focus in 2013 was the work to find a long-term funding solution for the Company which culminated in the agreement signed with Oil India Limited in April 2014," the company said.
"While there has been a short administrative delay in receiving the Russian Regulatory approval, we expect this to be issued imminently, enabling completion of the Farmout and repayment of all debt.
"We will re-commence drilling at Licence 61 this summer and I look forward to updating shareholders with the results of this exciting programme in due course."
Highlights included:
- Production up 8% to 870,965 barrels of oil
- Net loss of $9m, driven by $6m foreign exchange loss on intra-group loans
- Licence 61 Farmout will leave Company debt free and fund major well drilling campaign
At 8:45am: (LON:PTR) Petroneft Resources PLC share price was 0p at 6.35p
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