Dublin-listed exploration company Petroneft says year-round production of oil has started at its Licence 61 in the Tomsk Oblast in Russia.
The company said it planned to be producing oil from 11 wells at the site by the end of the year, and expected to meet a target of producing 4,000 barrels of oil per day by then.
'The commencement of production is a transformational milestone for Petroneft and provides a tremendous platform from which the company can position itself for future growth,' said its CEO Dennis Francis.
The company also said drilling of its seventh well had been completed, with indications that it had encountered oil.
