PetroNeft Resources, the Irish oil explorer operating in western Siberia, said its full-year loss more than doubled in 2008 as the ruble weakened and costs increased.
The net loss grew to $7.9 million from $3.2 million the previous year, the Dublin-based company said today in a
statement.
The company posted a currency loss on dollar-denominated loans to its LLC Stimul-T subsidiary as the ruble weakened against the dollar in the last six months of the year.
Administrative expenses grew to $7.8 million from $2.6 million in 2007, the company also said. PetroNeft drilled
three wells in 2008, increasing so-called 2P reserves by 16 per cent to 70 million barrels and 3P reserves by 51 percent to 529 million barrels.
Bloomberg