PetroNeft Resources details Russian expansion

Irish-based energy company PetroNeft Resources plc has today issued an update on its operations in Russia.

Irish-based energy company PetroNeft Resources plc has today issued an update on its operations in Russia.

A survey, design and preparatory work on the new pipeline route from Lineynoye to Kiev-Eganskoye has been completed.

Pipeline construction activities will commence on schedule in early February and is expected to be completed during April 2010. Final hydro-pressure testing of the line is scheduled for June 2010.

A drilling rig has been successfully mobilised to the Lineynoye Pad A site and rig-up operations are underway.

Rig-up and commissioning is scheduled to take approximately eight weeks with spudding of the first well of the 2010 nine-well development drilling program anticipated in early April 2010.

Various equipment items required for the field facilities at Lineynoye are also being delivered to the field, in time for the commencement of construction in March 2010.

“We are very pleased to be off to such a good start in 2010. All aspects of the project are on or ahead of schedule which is a credit to our staff and contractors in Tomsk,” said PetroNeft CEO Dennis Francis.

“I am looking forward to a transformational year for PetroNeft with the commencement of year-round production in Q3 2010 and meeting our production target of approximately 4,000 bopd by the end of 2010.”

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