Progress on Petroneft farmout

Aim-listed Petroneft, the loss-making oil and gas explorer, yesterday said that a long-awaited farmout agreement for a 50 per cent stake in one of the licence areas it owns in the Tomsk region of Russia is set to go ahead next week. It did not reveal which company had bought the farmout. Petroneft’s largest shareholder Natlata Partners is calling for a management shake-up to turn around the firm’s operations and balance sheet.