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PetroNeft steps up production in Russia

By BFN News | 07:46 AM | Monday 22 October, 2012


PetroNeft Resources (AIM: PTR), owner and operator of licences in Tomsk Oblast in Russia has achieved its highest ever flow rate at one of its Arbuzovskoye wells. Production has been increased as a result and the company has confirmed the existence of good reserves. Dennis Francis, Chief Executive Officer of PetroNeft Resources, commented: "We are delighted with the outstanding production rate of over 500 bopd from well 102. This is well above our target rate for these wells and further confirms the excellent continuity and good reservoir properties in the eastern portion of the field. "While there may be some variation in results, we look forward to the additional wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows." Story provided by StockMarketWire.com

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