PetroNeft Resources has today announced that it has signed an Initial US$5m (€3.7m) debt facility with Macquarie Bank Limited.
The new facility will enable PetroNeft to recommence an exploration and delineation programme on Licence 61, western Siberia.
The exploration targets include the Arbuzovskaya prospect which contains approximately 30 million barrels of P3 potential reserves based on Ryder Scott’s best estimate (P50).
"We are very pleased to have signed the loan agreement with Macquarie Bank," said PetroNeft CEO Dennis Francis.
"This facility enables us to accelerate our exploration programme in the northern part of Licence 61 by drilling one high impact exploration well in 2010. Two additional wells will be drilled in 2011, all of which, if successful, can be quickly brought into production utilising the Lineynoye facilities."
PetroNeft is quoted on the Irish Enterprise Exchange (IEX) of the Irish Stock Exchange and is the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation.