(ShareCast News) - Petroneft Resources was on the front foot after a well-received operational update in which it said production from license 61 in Russia had risen 41% since the start of the year.The oil and gas exploration and production company said current gross production stands at around 2,600 barrels of oil equivalent per day.It said the L-10 well at West Lineynoye was successfully completed and brought online at a rate of 230 boepd, while the adjacent L-8 well is producing around 50 boepd from the same reservoir interval.Chief executive officer Dennis Francis said: "We are very pleased with the L-10 well result, which again clearly demonstrates the potential for materially enhanced flow rates from horizontal production wells."This well also demonstrates that with proper planning, we can drill similar wells in a cost effective manner with a standard Russian exploration drilling rig. This significantly increases our inventory of ready to drill wells in today's low oil price market."At 1028 BST, Petroneft shares were up 3.2% at 4.85p.