Petroneft to Restart Drilling Ops Later in 2013

Russia-focused Petroneft Resources reported Monday that it plans to recommence drilling operations later this year once it successfully refinances its bank debt.

Petroneft, which is active in Russia's Tomsk Oblast, said its plan includes delineations well at West Lineynoye, Tungolskoye and Sibktayevskoye, as well as the drilling of additional production wells at Arbuzovskoye.

Petroneft said it is looking at the potential farm-out of up to 50-percent of License 61 in the Tomsk Oblast and that it is currently in discussions with a number of parties in order to support its development aspirations. It is also actively negotiation with a number of Russian and international banks to refinance a debt facility it has with Macquarie Bank.

The firm added that its current group production is 2,500 barrels of oil per day, having produced an average of 2,464 bopd during the first six months of 2013.

Petroneft Chairman David Golder commented in a company statement:

"The first half of 2013 was a busy period for the company. Some production issues were resolved leading to more stable production in recent months.

"Since the annual general meeting on 11 September we have continued to make good progress on re-financing the company and I hope to be able to update shareholders in detail on this point in the coming weeks."

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