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PetroNeft Resources books deeper annual loss

By BFN News | 07:40 AM | Friday 21 June, 2019

Russia-focused PetroNeft Resources booked a deeper annual loss, partly owing to exploration write-downs. Pre-tax losses from continuing operations for the year through December amounted to $7.3m, compared to losses of $2.3m on-year. They included a share of a joint venture's net loss in WorldAce Investments of $6.3m, which rose partly due to the write-off of wells at Tungolskoye. Revenue rose modestly to $1.8m, up from $1.7m. Story provided by

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