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PetroNeft gets go ahead for farm-out with OIL

By BFN News | 04:03 PM | Monday 30 June, 2014


PetroNeft has received Russian regulatory approvals for tor the farmout of an interest in Licence 61 in the Tomsk Oblast, Russian Federation, to Oil India Limited. PetroNeft says formal completion of the transaction and receipt of funds is expected in the coming days, with all debt due to Macquarie and Arawak repaid from the initial proceeds of US$35m due at completion. Chief executive Dennis Francis said: "I'm delighted to confirm that all of the conditions precedent on the Licence 61 farmout are now fully satisfied and I look forward to formally confirming to shareholders that the transaction has been completed and all funds received. "We will re-commence drilling at Licence 61 shortly and I look forward to updating shareholders with the results of this exciting programme." At 4:03pm: (LON:PTR) Petroneft Resources PLC share price was +0.15p at 6.5p Story provided by StockMarketWire.com

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