PetroNeft Agrees 2016/17 Work Program with Oil India

Russia-focused oil and gas exploration and production company PetroNeft Resources plc announced Friday that it has reached an agreement with Oil India for a budget and work program in 2016 and 2017 within license 61.

The work program, which is expected to require gross funding of at least $35 million, will be financed by Oil India through a shareholder loan. Under the agreement, up to five wells will be drilled within the South Arbuzovskoye and Sibkrayevskoye regions in 2016 and up to 13 wells will be drilled in Sibkrayevskoye in 2017.

PetroNeft Chief Executive Officer Dennis Francis commented in a company statement:

“The agreement of a work program and budget is a major step forward for the development of license 61. Given the challenges currently being experienced in the market, the ability to secure this funding is a major positive for the company. We are delighted to be continuing our partnership with Oil India.

“Our most recent drilling campaign has laid the groundwork for this, potentially transformative 2016/2017 drilling schedule. At Sibkrayevskoye, the S-373 well and extensive new seismic data acquired at Sibkrayevskoye in 2015 indicate that the field could ultimately be in the 100 million barrel range which would be one of the largest oil fields discovered in the Tomsk Region in the last 25 years.”

PetroNeft is a 50 percent owner and operator of Licences 61 and 67. Licence 61 is currently producing around 2,400 barrels of oil per day.

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