PetroNeft increases reserve figure

10th Mar 2011 16:23

Russia focused oil and gas explorer and producer PetroNeft Resources says that its 2P reserves have increased by 37%. The 2P reserve figure has risen to 96.9mmbbls, according to independent reserve auditors Ryder Scott. The figure includes the first estimate of proved and probable reserves at the Arbuzovskoye oil field, which was discovered in licence 61 in November 2010. This has added 13.2mmbbls. There is also an initial assessment of the reserves and resources at Licence 67 which was acquired by PetroNeft in January 2010. That accounts for an additional 14mmbbls. AIM-quoted and Enterprise Securities Market-quoted PetroNeft expects to make further discoveries. A production drilling programme has started at the Lineynoye oil field and an exploration drilling programme will commence in early April. The exploration drilling is targeting 60m barrels across three prospects in licence 61. Production at Lineynoye should reach 3,500-4,000 barrels a day by early April. Macquarie Bank is providing a three-year debt facility of up to $30m. The facility could increase to $75m when new discoveries are made.