Oil and gas exploration company Petroneft has raised $43m in a share placing which was substantially oversubscribed.
The money will go to fund an accelerated exploration programme at its two licence blocks in Tomsk, in Western Siberia and fund development.
The company said it is on course to achieve its 2010 production target of 4,000 barrels of oil per day by early December, rising to approximately 12,000 barrels by the end of 2012.
It added that it is also actively evaluating new venture opportunities and developing a diverse portfolio of exploration and production assets.
'We are delighted with the outcome of the placing and the very high level of support received from both new and existing shareholders', commented Dennis Francis, the company's chief executive.
'The combination of year-round oil production and the continued development and exploration of Licences 61 and 67, provides an excellent base from which we can generate significant cash flow, target significant reserve growth and take advantage of exciting potential acquisition and new venture opportunities in the Tomsk region,' he added.
