PetroNeft to recommence exploration programme

PetroNeft Resources has today announced that it has signed an Initial US$5m (€3.7m) debt facility with Macquarie Bank Limited.

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.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up