Dublin-listed exploration company Petroneft has released oil production figures from its Licence 61 in Russia.
It says that by the end of 2010, 2,750 barrels of oil per day (bpd) were being produced from nine of the 11 wells. But Petroneft says growth is being held back by greater than expected damage from the process of drilling and completing the wells.
The company says a programme of work aimed at addressing this issue will start in the coming weeks and should 'significantly' increase output.
Petroneft says it remains confident of reaching production targets of 8,000 bpd by the end of 2011 and 12,000 bpd by the end of 2012.
Meanwhile, Providence Resources has completed drilling on a lateral well linked to one of its producing wells at the Singleton field in the U. It said results from the drilling were better than expected and could increase the potential reserves in that area of the field.
