LONDON (Alliance News) - Petroneft Resources PLC on Thursday said first-quarter production from one of its licenses in Russia declined.
The oil & gas exploration company has a 50% stake in License 61 in the Tomsk region, and said daily net production in the first quarter of 2018 averaged 1,128 barrels per day, down from 1,248 barrels for the same period the prior year but up from 1,080 barrels in the fourth quarter of 2017.
During the quarter, the company's production decreased to a total of 203,114 barrels of oil from 224,604 barrels in the first quarter of 2017 but rose from 198,708 in the fourth quarter.
Petroneft noted that first-quarter production includes oil trucked from the Sibkrayevskoye oil field on ice roads. This began in December and will continue until the end of April.
Shares in Petroneft Resources were up 5.0% at 1.47 pence per share on Thursday.
