Saturday 24 February 2018

Petroneft shares recover by 6.2pc in London

An engineer works on a PetroNeft pipeline in Siberia.
An engineer works on a PetroNeft pipeline in Siberia.

Patrick Edwards

Shares in Petroneft jumped 6.2pc on London's AIM exchange yesterday after the Russia-focussed oil and gas exploration firm said it made progress at three wells it operates in Russia.

Shares in Petroneft have fallen in recent months amid concerns about sanctions, falling oil prices and a shortage of good news from drilling operations.

Petroneft said yesterday that total production at a gigantic oil field it owns in Tomsk Oblast in Siberia now stands at about 2,450 barrels of oil per day (bopd).

The increase comes as an oil well called Tungolskoye No 5 went into production. That field contains 20 million barrels in two proven reserves.

PetroNeft said contracts are currently being finalised for the 2015/16 Tungolskoye development drilling programme. This will include five horizontal and six vertical wells. Drilling will begin in April and finish early next year. Tenders have also been awarded for the construction of a pipeline and power line to connect the oil field to Russia's main oil network.

Irish Independent

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