New Russian oil find for Petroneft

Wednesday 21 September 2011 07.28
Petroneft says find "good quality"
Petroneft says find "good quality"

Dublin-listed exploration company Petroneft says it has made another oil find at its Licence 61 in the Tomsk Oblast in Russia.

The find came after drilling at North Varyakhskaya. Petroneft described the oil find as "good quality".

CEO Dennis Francis said the new field, while small in comparison to Sibkrayevskaya, was important because it could be easily tied into already planned infrastructure at "minimal cost".

Petroneft last month said that its Sibkrayevskaya find, also in Licence 61, was its largest single discovery so far.