- PetroNeft Resources chief executive David Sturt said he was 'very pleased' with the level of interest shown by third parties in its two exploration licences in Russia.

The company had in 2018 hired a financial advisor to test the market for both of its licences.

'This process is ongoing and I am very pleased with the level of interest and the calibre of companies that we are currently talking to,' said Sturt, who took the reins at PetroNeft about two weeks ago.

'Over the past twelve months the asset acquisition market in Russia has seen increased activity, especially for the larger domestic companies.'

'This gives us reason for optimism about a positive outcome.'

'Although the company is facing some challenges, I believe there is clearly very significant potential and value in the company's assets that we will seek to exploit.'

At 9:23am: [LON:PTR] Petroneft Resources PLC share price was +0.05p at 1.15p

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