DUBLIN and London-listed Siberian-focused oil exploration company Petroneft Resources has signed a debt facility with Macquarie bank for up to $30 million (€24.2 million).

Petroneft, which is the owner and operator of licences 61 and 67 at Tomsk Oblast in the Russian Federation, said under the terms of the deal $12 million was available to the company immediately.

As part of the arrangement Petroneft has granted the Australian bank a million warrants to subscribe for ordinary shares at a price of £0.3781, which are exercisable over a period of four years.

Should more than $15 million be drawn, Macquarie will be entitled to further warrants at prices to be based on the Petroneft share price at time of drawdown.

The duration of the debt facility is up to three years.

The new facility replaces a $5 million initial facility signed in March, and is designed to provide both working capital and the flexibility to advance the group’s exploration and development activities on licences 61 and 67.

“We are very pleased to have signed this loan agreement with Macquarie bank. Macquarie’s commitment and support as both a leading shareholder and debt provider is a real endorsement of Petroneft and our exciting assets, and we look forward to working with the team at Macquarie for many years to come,” said Petroneft chief executive Dennis Francis.

“This facility will be of material assistance to the company as we advance our plans for licences 61 and 67, and I look forward to updating shareholders with news of our progress in the coming months.”

Petroneft has said it is on schedule to begin oil production from its Russian licences in the third quarter of 2010.

Last week the company announced a pretax loss of $6.3 million for 2009, narrower than the $7.8 million loss in 2008.