In the pipeline and there's $50m to spend
THE best-performing stock on the Irish exchange this year, PetroNeft Resources, has about $50m (€40.8m) available to spend on licences or companies, Finance Director Paul Dowling said.
"There are several things we are looking at at the moment," Mr Dowling said in an interview after the company's annual meeting in Dublin yesterday. The amount spent "depends on the acquisition. It's not going to be hundreds of millions", he said. "It would be $50m at the top end." Shares in Dublin and London-listed PetroNeft Resources gained 7pc after the Siberia-focused oil-production and exploration company's AGM where shareholders heard oil production from its Lineynoye field is on schedule to commence in the third quarter of this year.
The Dublin-headquartered company added that building of an export pipeline, which depended on certain activities being completed during winter, is on schedule. Pipeline pressure testing has been completed and a fourth production well successfully drilled, it added.
"The fact that delivery is on time and target should provide added strength to our 'outperform' recommendation," Davy Stockbrokers said in a note to investors. (© Bloomberg and Reuters)