LONDON (Alliance News) - PetroNeft Resources PLC said Tuesday it commenced drilling work at its 50% owned C-4 well in Russia.
"The C-4 well is designed to test a large portion of the field which is structurally higher than the previous wells based on this recently acquired 3D seismic data and thus has the potential to significantly increase the potential recoverable reserves," the company said.
The well, which is located at the Cheremshanskoye oil field in western Siberia, is expected to be drilled within two months.
PetroNeft shares were untraded at 1.39 pence each.
