Exploration company Petroneft says it is on target for year-round production at its Lineynoye oil field in Russia in the third quarter of next year.
Earlier today, an EGM of shareholders approved a share placing which will raise $27.5m for the company.
PetroNeft has also signed a contract for the construction of a pipeline from its Lineynoye oil field to the Kiev-Eganskoye oil field.
Meanwhile Tullow Oil has released the result of its latest drilling in Africa. It said the Mahogany-4 well off Ghana had encountered oil. Tullow says this extends its Jubilee oil field eastwards.
But the South Grand Lahou-1 well off the Cote d'Ivoire encountered the reservoir sands it was targeting but found them water-bearing. Tullow said, however, that this would provide important information for future drilling in the area.
