Russia-based oil and gas exploration and production company PetroNeft on Tuesday updated the market in its operations, reporting that production in the Cheremshanskoye area provided it with “strong” cash operating flows.
The AIM-traded company said the well has seen almost no decline since production began, as the size of the sewers has recently risen to 10mm and the rate has risen to 320 barrels of oil per day.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.