Bloomberg News

Petroneft Resources Slide Most on Record as Oil Output Falls

February 17, 2012

(Updates share price in second paragraph.)

Feb. 17 (Bloomberg) -- Petroneft Resources Plc., the London-listed oil explorer focused on Russia’s Tomsk region, fell the most on record after output declined.

The shares sank 36 percent to 9.38 pence as of 3:26 p.m. in London, their lowest level since 2009 and the steepest drop since the stock started trading in 2006.

Production fell to 2,300 barrels a day “in recent weeks” from about 3,000 barrels a day at the end of last year, the company said in a regulatory filing today.

In June Petroneft cut its output target for the end of the first quarter this year to 4,000 to 5,000 barrels a day from 8,000 barrels a day.

--Editors: Alex Nicholson, Linda Shen

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.


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