Ireland’s Petroneft achieves first oil in Russia

Petroneft has achieved their target of first oil production in recent days at their license in the Russian Federation.

The Dublin-based company has brought the Tomsk Oblast oil field into production following a series of successful production wells.

Full production has now commenced and it is estimated that production of 4,000 barrels of oil per day is expected by the end of 2010.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, said: "We are delighted to announce that the Lineynoye Phase 1 project has achieved first year-round oil production. This has been a monumental accomplishment achieved in less than one year of the funding for the project.

"We owe special thanks to our Tomsk staff for their hard work, professionalism and planning to make this project a reality. The commencement of production is a transformational milestone for PetroNeft and provides a tremendous platform from which the company can position itself for future growth."