Irish-listed exploration company Petroneft Resources expects to begin producing oil at its Licence 61 operation in Tomsk Oblast, Russia by late August.
In an operation update issued today, Petroneft said that construction of its production facility is almost complete, and that six out of nine wells planned for the Lineynoye oil field have now been successfully drilled.
"Drilling of the production wells is continuing ahead of schedule and the results continue to be within or ahead of expectations," Petroneft's chief executive Dennis Francis said.
“We are only weeks away from commencing year-round production and I look forward to updating shareholders in late August confirming we have met this target.”
