The company has deployed a drilling crew to begin drilling of the Tungolskoye No.5 well within the next week and will soon mobilize a second drilling crew to restart production at its Arbuzovskoye field.

Following completion of Tungolskoye No. 5 well, the company will drill the Sibkrayevskoye No. 373 delineation well.

The Tungolskoye No.5 horizontal well’s data will be used to finalize the pilot development plan to develop the field and tie it back to the Lineynoye processing facilities during the first quarter of 2015.

The well is likely to take 60 days to complete.

A minimum of three additional development wells are planned to be drilled at the field’s Pad 1 at Arbuzovskoye.

PetroNeft Resources chief executive officer Dennis Francis said: "The initial meetings of the Joint Venture Working Group were extremely productive and we look forward to working closely with our new partner Oil India and to realising the full potential of this asset and to developing further opportunities together.

"We have a planned multi-well drilling programme. The initial well in the programme is the Tungolskoye No. 5 well.

"We are also commencing a major seismic programme which will shape the future direction of our drilling activity. We look forward to updating shareholders with the results of this exciting drilling and seismic over the coming months."