Petroneft revenues rise as exploration success continues

Irish exploration company Petroneft has reported revenue of €15.9 million for the six months ended 30th June 2011. There is no equivalent figure for the same period last year but revenue for the full year ended 31st December 2010 was €5.2 million. The company posted a first-half pre-tax profit of $3.8 million.

The company is focused on Russia and production in the first half of the year in the group’s operation in Western ...