- PetroNeft (PTR) produced 737,655 barrels of oil (bopd) from Licence 61 in 2015 and achieved an average gross production of 2,021 bopd.

The company said its current gross production was approxiamtely 3,000 bopd and that it drilled 11 wells in 2015.

It acquired 1,000 km of 2D seismic at Licence 61 last year.

PetroNeft said it expects further production increases from South Arbuzovskoye, while drilling at Sibkrayevskoye No 374 is due to commence in July. It has the potential for material increase in reserves.

An active, fully funded work programme is planned at Licence 61 in 2016 and 2017.

CEO Dennis Francis said: "2015 was a busy year for PetroNeft, during which the company carried out an extensive drilling programme, in partnership with Oil India, across Licence 61.

"We have gained significant experience in horizontal drilling, deepened our understanding of the licence and have identified additional upside at Sibkrayevskoye and South Arbuzovskoye.

"After three weeks of production the A-214 horizontal well at South Arbuzovskoye is still producing over 850 bopd and the pressure decline is very slow.

"In the near term, we look forward to the A-215 horizontal well results at South Arbuzovskoye and the commencement of drilling on the S-374 delineation well at Sibkrayevskoye."

At 8:12am: [LON:PTR] Petroneft Resources PLC share price was 0p at 1.88p

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