Petroneft Resources strikes oil at first Russian test well

PETRONEFT Resources has successfully tested for oil at the first well of its high-impact exploration programme scheduled for this year.

The Dublin-headquartered oil and gas exploration company, which is solely focused on the Tomsk region of Russia, is due to invest €36 million on fresh drilling and increasing capacity this year. The first well in its latest drilling campaign — the Kondrashevskoye 2 delineation well in the company’s Licence 61 asset — has confirmed 2.3 metres of net pay (the measurement of the thickness of the oil reservoir).

The second exploration well for this year will be at Sibkrayevskaya — the largest prospect in the programme at over 40 million barrels.