PetroNeft Resources, owner and operator of License 61, Tomsk Oblast, Russian Federation, has provided an update on its operations.
PetroNeft has signed a contract for the construction of a pipeline from its Lineynoye oil field to the Kiev-Eganskoye oil field. It is a fixed price contract and is within budget estimates. The contractor will move their equipment to the field over the coming months and construction is scheduled to commence in January 2010.
The pipe is currently being transported by barge from its storage location to a staging point south of License 61. This relocation should be completed within the next few weeks.
The field survey of the revised southern pipeline route has commenced and it is now expected that the route will be approximately 60 kilometers long as opposed to the previous 70 kilometer estimate, which included a contingency. The shorter route means that no additional pipe will now need to be acquired.
Tenders for the drilling of 9 development wells in 2010 have been received and are currently being evaluated. Initial indications are that drilling costs will also be within budget estimates. A contract is expected to be awarded and signed in the coming weeks.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented, "The hard work undertaken over the past year to optimise the development plan for the Lineynoye oil fields is now coming to fruition. Operationally everything is on schedule and on budget to achieve the major milestone of year-round production in the third quarter of 2010."
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