PetroNeft Restarts Drilling Operation in Tomsk Region of Russia

Oil and gas junior PetroNeft announced Tuesday that it is restarting drilling operations on Licence 61 in the Tomsk Oblast region of Russia after the farm-out of the license to Oil India Limited.

PetroNeft said it has mobilized a drilling crew to begin drilling of the Tungolskoye No.5 well within the next week, while it is also about to mobilize a second drilling crew to restart production at its Arbuzovskoye field. Following these drills the Sibkrayevskoye No. 373 delineation well will be drilled ahead of the planned development of the Sibkrayevskoye field in 2016.

The Tungolskoye No.5 well will be the first horizontal well drilled on Licence 61, with the data acquired from the drill being used to finalize the pilot development plan to develop the field and tie it back to the Lineynoye processing facilities during the first quarter of 2015. The well is estimated to take 60 days to drill and complete.

At Arbuzovskoye, a minimum of three additional development wells are scheduled to be drilled at the field's Pad 1. Drilling is expected to begin in September with the news wells expected to increase production, which has slipped back to 2,000 barrels of oil per day due to a lack of drilling since February.

PetroNeft added that all debt due to its creditors Macquarie and Arawak has been repaid and that it is now debt free.

PetroNeft CEO Dennis Francis commented in a company statement:

"I'm delighted to report that PetroNeft is re-commencing drilling operations following the completion of the Licence 61 farm-out with Oil India. The initial meetings of the Joint Venture Working Group were extremely productive and we look forward to working closely with our new partner Oil India and to realising the full potential of this asset and to developing further opportunities together.

"We have a planned multi-well drilling program. The initial well in the program is the Tungolskoye No. 5 well. We are also commencing a major seismic program which will shape the future direction of our drilling activity. We look forward to updating shareholders with the results of this exciting drilling and seismic over the coming months."


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