London-listed, Russia-focused PetroNeft Resources said on Thursday it has made a significant oil find that analysts believe will lift its reserves. PetroNeft, which trades on the Alternative Investment Market, said the No. 372 well in the Sibkrayevskaya prospect of the Tomsk region tested at 170 b/d and exceeded pre-drill estimates, hitting 12.6 meters of net oil pay. Preliminary analysis suggests the oil is good quality with an API gravity of 37°. "Current indications are that the ultimate recoverable reserves in the field could be significantly larger than the 44 million barrel pre-drill target defined by Ryder Scott," PetroNeft said.
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