Russian reserves rise for Petroneft

Irish oil and gas exploration firm Petroneft has announced a 36.8 per cent increase in assessed reserves at its licences in the Russian Federation.

Petroneft owns and runs Licences 61 and 67 in Tomsk Oblast, southwestern Siberia.

The assessment, by independent auditors Ryder Scott, is based on results of exploration during the year to the end of December 2010.

It shows total proved and probable reserves net to Petroneft have risen to 96.9 million barrels. Chief executive Dennis Francis said the report reinforced exploration and acquisition successes of 2010.