StockMarketWire.com - PetroNeft announces a number of significant actions following the completion of the Licence 61 Farmout to Oil India Limited (OIL) on 3 July 2014, in particular the re-commencement of drilling operations on Licence 61.

· All debt due to Macquarie and Arawak has been repaid; PetroNeft is now debt-free

· Joint Venture Working Group has been established

· Work Programme and Budget for 2014 and 2015 finalised

· Drilling crew mobilised to commence drilling of Tungolskoye No. 5 well within the next week

· Second Drilling crew to re-commence production drilling at Arbuzovskoye will be mobilised shortly

· The Sibkrayevskoye No. 373 delineation well will follow the Tungolskoye No. 5 well

· Seismic acquisition crew mobilised to commence operations for the acquisition of 1,000 km of high resolution 2D seismic in Q1 2015



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