Petroneft Resources, the Dublin-listed, Russia-focused oil exploration company, has widened its losses for its first six months in 2007, though it is upbeat on its progress in its drilling programmes and is on the look-out for acquisitions.
The company reported a retained loss of $944,471 for the period, compared to a loss of $532,626 for the same six months last year, and has yet to make any revenue.
The loss per share was 51 cents, compared to 49 cents for the first half of 2006.
It said today the export pipeline survey from the Lineynoye and Tungolskoye fields is currently underway, with first production expected in 2009.
It said that in the 2007/2008 period three well drilling programme will seek to further delineate the newly discovered West Lineyonye Oil Field and to drill two exploration prospects.
'These two prospects, Korchegskaya and West Korchegskaya, are estimated to contain around 50 million barrels of possible reserves', it said.
Chairman David Golder said new acquisitions are actively being examined.
'We are committed to diversifying and strengthening the company's portfolio of projects in Russia', he said.
The company also said it has appointed Mr Paul Dowling, who was a partner in accountants firm LHM Casey McGrath, as Chief Financial Officer.
Last month the company announced that it had found oil in its Lineynoye number seven exploration well, the third find.
Last year the company listed on London's AIM and the IEX Markets in Dublin.
