PETRONEFT RESOURCES, the best-performing stock on the Irish exchange this year, has about $50 million (€40.6 million) available to spend on licences or companies, finance director Paul Dowling said yesterday.
“There are several things we are looking at at the moment,” Mr Dowling said in an interview at the company’s annual meeting in Dublin.
The amount spent “depends on the acquisition. It’s not going to be hundreds of millions. It would be $50 million at the top end.”
The Irish-listed oil and gas exploration and production company said yesterday that pipeline pressure testing has been successfully completed at Tomsk Oblast in Russia.
In addition, drilling of the fourth of nine production wells at its Lineynoye oil field has been finished ahead of schedule.
The construction of its production facilities is on schedule to be completed in the third quarter of 2010.
Its production target for the end of 2010 is 4,000 barrels of oil per day.
The company’s share price jumped more than 8 per cent, or 4 cent, to 50 cent on the Irish stock exchange yesterday. – (Additional reporting Bloomberg)
