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.
To contact the reporter on this story: Stephen Bierman in Moscow email@example.com.
To contact the editor responsible for this story: Will Kennedy at firstname.lastname@example.org.