Petroneft in talks over licence stake

Irish exploration company Petroneft Resources has entered talks with interested parties regarding the farm-out of an equity stake in one of its producing licences in the Russian region of Tomsk.

The Dublin-headquartered company — which holds two licences in Tomsk — has seen its share price in London jump by nearly 5% on the back of announcing the successful drilling of the first of 10 wells at its Arbuzovskoye field.

Production from the Arbuzovskoye and Linenoye fields is remaining steady at 2,000 barrels of oil per day and first new production at the former is expected by the end of this month.