Dublin-listed exploration company PetroNeft Resources has agreed a deal with Arawak Energy to jointly pursue new opportunities in the West Siberian region of Russia.

Petroneft is already involved in projects in the area. Arawak is listed on the London and Toronto stock exchanges and has operations in Kazakhstan, Russia and Azerbaijan.

Petroneft says the agreement is structured to enable the two companies to work together on potential opportunities in the Western Siberia Oil and Gas basin. PetroNeft will have right of first refusal to be the operator of any joint projects in this basin.