Petroneft Resources Slide Most on Record as Oil Output Falls
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.
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