StockMarketWire.com - PetroNeft has agreed to a conditional placing of 62.3m shares at 5c each to raise $5.2m, and also agreed with Aarawak Energy to draw down an additional $1.5m in debt.

The drawdown of additional debt would see its loan with Arawak to $16.5m, from $15m. Petroneft has granted Arawak an additional 2m warrants over ordinary shares at a strike price of $0.0891 each.

Petroneft is the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation.

It said proceeds would be used for the purchase and delivery of the necessary supplies and equipment to the field to enable a full programme of works be undertaken in 2014.

"This must be completed while winter roads are still available."

It would also use the funds to pay $2.5m to Macquarie, and for working capital purposes.

Meantime, highlights included:

-- 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.


At 8:38am: [LON:PTR] Petroneft Resources PLC share price was +0.33p at 5.33p



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