Petroneft upbeat despite losses

Dublin-listed exploration company Petroneft Resources today reported a loss of $944,471 for the first six months of 2007, compared…

Dublin-listed exploration company Petroneft Resources today reported a loss of $944,471 for the first six months of 2007, compared to a loss of $532,626 for the period the previous year.

But the company remained positive on the potential of its drilling programme in Russia. The loss per share was 51 cents, compared to 49 cents in the 2006 period.

Petroneft Resources chairman David Golder said: "Delineation wells have confirmed substantial oil reservoirs at both Lineynoye and Tungolskoye fields."

Last year PetroNeft was listed on the London AIM and Dublin IEX markets.