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Wednesday, September 19, 2007

Admin costs bite at PetroNeft

12 September 2007 - Upstream OnLine - AIM-listed PetroNeft Resources has seen its losses deepen in the first half of the year, thanks in part to higher administrative costs, but said it still plans to pump first oil from the Lineynoye and Tungolskoye fields in 2009. In the six months ended 30 June 2007, PetroNeft booked a net loss of $944,471. In the same period last year, the company's loss came in at $532,626. petroneft said its administrative expenses had risen to $780,043 in the 2007 half-year from $543,279 in the year-ago period. In a statement, company chairman David Golder said petroneft was actively looking for new acquisitions, adding that PetroNeft will continue to strengthen its finance team over the remainder of this year. The company is also looking to tie up funding to help it pump first oil from Lineynoye and Tungolskoye in 2009.

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