Petroneft Restarts Drilling Operations

Russia-focused Petroneft announced Tuesday that its drilling operations in the country have recommenced as it continues progress on refinancing the business.

Petroneft said it had recently approved a proposal from drilling contractor Tomskburneftegas (TBNG) to undertake agreed drilling operations under a deferred payment arrangement. Drilling operations have now restarted with the recent spud of the Lineynoye No. 9 delineation well – located on the westernmost lobe of the Lineynoye field.

TBNG will not receive any payment until Petroneft completes its refinancing arrangements, the firm said.

Once the refinancing is completed plans are in place to drill additional production wells at Arbuzovskoye and delineation wells at Tungolskoye and Sibrayevskoye.

Petrofneft also reported that its overall production has declined "slightly" over the past few months to about 2,300 barrels of oil per day due to several wells requiring workovers. The firm added that once winter roads become available, supplies will be trucked in and the workovers performed.

Petroneft CEO Dennis Francies commented in a company statement:

"We are pleased with this agreement with our drilling contractor (TBNG) which allows us to continue with our drilling program in a cost effective manner for the benefit of our shareholders.

"We continue to make encouraging progress on the refinancing and farm-out fronts and we appreciate shareholders continued patience and support while these negotiations are completed."

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