PetroNeft owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce a funding and operations update.
◾ $6.7 million fundraising consisting of
◾ $5.2 million new equity issue at 5 pence per share
◾ $1.5 million in debt
◾ Production higher at 2,400 bopd, reflecting improved well performance
◾ Licence 61 farmout confirmatory due diligence and legals progressing well; completion anticipated in coming weeks