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Petroneft post progress in Siberia well

Thursday, January 16 16:38:40

Irish-based, Russian-focussed energy prospector, Petroneft, today updated the market on progress at its Lineynoye No. 9 drill in Siberia.

It reported that delineation drilling results at Lineynoye No. 9 indicate the J1-1 interval is oil saturated.

The results are in line with expectations and average production remains at about 2,300 barrels per day (bopd), with additional workovers planned.

The company says that farmout negotiations are well advanced with an international oil company.

Dennis Francis, chief executive officer of PetroNeft Resources, commented: "The results on the L-9 well are consistent with our expectations and support our overall development priorities for the licence area.

"We are pleased to have completed the L-9 obligation well in a cost effective manner and to be in a position to move the drilling rig to Tungolskoye this winter. This allows us to maintain the development schedule, which is critical to our farm-out and refinancing negotiations.

"We have made significant progress on the planned farm-out of Licence 61 over the last month and we look forward to updating shareholders in more detail when appropriate. We appreciate shareholders continued patience and support while these negotiations are being completed."