Encouraging signs for PetroNeft

6th Jul 2011 11:58

International oil and gas exploration and production company, PetroNeft Resources, announced proved reserves for economic development at its Kondrashevskoye site in Siberia.The firm also said its Lineynoye 206 site contained the thickest oil pay encountered to date.It added that its research showed that the northern part of the Lineynoye field had materially thicker pay and extended significantly further north than originally anticipated.Dennis Francis, chief executive of PetroNeft said this had positive implications for reserves and productivity in this region of the field and for the likelihood of several new structures north of Lineynoye and West Lineynoye to be oil bearing. MM