Ireland’s PetroNeft Resources has announced the discovery of an additional oil field within its licence at North Varyakhskaya, Russia.
The field is the seventh to be discovered in Licence 61, which is situated at Tomsk Oblast in south-western Siberia.
Tungolsky Licence 61, acquired by the company in May 2005, is located on the east side of the Ob River in the least explored oil-bearing region in the area. The licence covers 4,991 square kilometres.
Proven plus probable reserves within the licence area are estimated to be 83 million barrels.
A further well is now scheduled to be drilled to the north of the last two wells, the company said.
Commenting on the news, Dennis Francis, chief executive officer of PetroNeft Resources, said: “We are very pleased to announce a new discovery at North Varyakhskaya. The field, while small in comparison to Sibkrayevskaya, is important because it can be easily tied into already planned infrastructure at minimal cost and will also qualify for a reduced Mineral Extraction Tax.
“The two well exploration programme now underway at Licence 67 is based on re-interpreted data from old wells, similar to our recent significant Sibkrayevskaya discovery. We look forward to updating shareholders on the results of these wells as activities progress.”
PetroNeft’s licence is a 25-year exploration and production licence that is valid until 2030.
