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PetroNeft ups stake in Russian asset to 90%
StockMarketWire.com
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Russia-focused oil company PetroNeft said it had acquired an additional 40% interest in Licence 67 from Belgrave Naftogas for $2.9 million, upping its holding in the licence to 90%.
The acquisition sum included the issue of 80 million PetroNeft shares to Belgrave Naftogas for a value of $1.2 million and cash of $1.7 million.
The cash component would be financed through a three-year loan from Belgrave Naftogas to PetroNeft.
At 9:32am: (LON:PTR) Petroneft Resources PLC share price was 0p at 0.55p
Story provided by StockMarketWire.com
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