StockMarketWire.com - PetroNeft Resources said it would start drawing up development options for a field in Russia after a new reserves estimate was approved.

The company operates in the Tomsk Oblast region and owns 50% of, and operates, licences 61 and 67.

For licence 67, gross reserves were estimated at 19.3m barrels for C1 and C2 for the Jurassic reservoirs, the company said.

Material additional exploration potential for the overlying Cretaceous section was being studied.

'This is a great step forward for the company following the drilling of the successful C-4 well in 2018,' chief executive David Sturt said.

'Now that we have reserves independently approved, we can start evaluating development options for the field with our partner.'

'We are very excited about the ultimate potential of this field as we now have oil proven at both ends of this substantial structure.'

'In addition to the reserves which are now proven in the Jurassic sands, we are also very encouraged about the potential within the Cretaceous interval where oil was identified in the C-4 well but could not be tested for operational reasons.'



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