PetroNeft Resources PLC - Irish oil and gas exploration company operating in Russia - Production starts from the C-4 well on the Cheremshanskoye field, flowing naturally with production as the choke size has increased to 8 millimetres from 2 millimetres. Current flow rate from the well is 243 barrels of oil per day.
"Particularly as it closely follows the increase in our equity stake to 90 percent, we are delighted with the news from Cheremshanskoye. Early results from the initial well suggest that this well will perform at or above our expectations. This is a major achievement for the company bringing the Cheremshanskoye field in to production," says Chief Executive Officer David Sturt.
Current stock price: 3.40 pence, closed 13% higher on Tuesday
Year-to-date change: sharply higher from 0.65p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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