- 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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