IEX-listed exploration company Petroneft Resources said today it was ahead of schedule at its licences in Tomsk Oblast, Russia.
In a drilling update, the company said the first of nine production wells to be drilled this year, at the Lineynoye oil field in its Licence 61 at Tomsk Oblast, was spudded 3 weeks ahead of schedule.
"Spudding of our first production well was an important milestone and boosts our confidence that we will commence year-round production in Q3 and achieve the initial target production of approximately 4,000 bopd by the end 2010," said chief executive Dennis Francis.
It also said the construction of a 60km pipeline from Lineynoye to Kiev-Eganskoye on schedule, with construction due to be completed in mid-April.
