Petroneft Resources (LON:PTR) provided an update on its operations in Licences 61 and 67 in the Tomsk Oblast, Russia. The Company is an international oil and gas exploration and production company, established in 2005 to acquire and develop hydrocarbon acreage in Russia. The main asset of PetroNeft is a 100% interest in Licence 61, a 4,991 sq km oil and gas licence in the Tomsk Oblast in Russia, held through its wholly owned Russian subsidiary, Stimul-T. The Licence is located in the prolific Western Siberian Oil and Gas Basin and contains four known oil fields, Lineynoye, Tungolskoye, West Lineynoye and Kondrashevskoye, and over 25 exploration prospects and leads. In December 2009 PetroNeft announced the acquisition of a second oil and gas licence in the Tomsk Oblast in Russia, under Licence 67.
According to the report, the first of its nine planned production wells to be drilled in 2010 has been spudded at the Lineynoye oil field in Licence 61, approximately 3 weeks ahead of schedule.The oil and gas development company, with a focus in Russia and the former Soviet Union, announced their 2010 production drilling programme today which is to involve the drilling of 9 wells from the current location utilising a rail-mounted production drilling rig designed to facilitate the drilling of multiple deviated wells with close spacing at the surface. First production at the Lineynoye oil field remains scheduled for the third quarter of 2010. Construction of the 60km pipeline from Lineynoye to Kiev-Eganskoye is progressing to plan. All of the pipe has been laid out along the route and construction of the pipeline is due for completion in mid April, well within the weather window required for this work. Final hydro-pressure testing of the line is scheduled for June 2010. The report confirmed that the majority of the equipment required for construction of field facilities at Lineynoye has been procured and mobilised to location. This process should be complete by the end of March. Construction of these facilities has commenced and is due for completion in time to commence year-round production in the third quarter of 2010. The facilities include basic oil processing, oil storage, gas powered generation and communications systems as well as improved and enlarged crew accommodation and catering facilities. Dennis Francis, Chief Executive Officer of PetroNeft commented:
