PetroNeft Resources Plc is an oil and gas exploration and production company, focused on Russia. The Company has interests in 4,991 square kilometers oil and gas license (License 61) in the Tomsk Oblast in Russia and a 50% operating interest in 2,447 square kilometers oil and gas license (License 67)in Tomsk Oblast. The Company�s License 61 contains seven oil fields: Lineynoye, Tungolskoye, West Lineynoye, Kondrashevskoye, Arbuzovskoye, Sibkrayevskoye and North Varyakhskaya and over 25 prospects. The Company's License 67 contains the Cheremshanskoye and Ledovoye oil fields and numerous prospects and leads. During the year ended December 31, 2011, work program in License 61consisted of expanding the central processing facility capacity to 14,800 barrels per day, construction of two pads, drilling of 14 development wells and three exploration/delineation wells. In October 2011, an oil field with three separate oil pools was discovered at Cheremshanskoye.