PetroNeft Resources plc (PetroNeft) is an Ireland-based company engaged in oil and gas exploration, development and production. The Company holds a 50% operated interest in a 4,991 square kilometer oil and gas license (License 61) in the Tomsk Oblast in Russia and a 50% operating interest in 2,447 square kilometer oil and gas license (License 67) also located in the Tomsk Oblast. Both licenses are located in the Western Siberian Oil and Gas Basin. License 61 contains seven known oil fields, Lineynoye, Tungolskoye, Arbuzovskoye, Sibkrayevskoye, West Lineynoye, Kondrashevskoye and North Varyakhskoye and the Company is exploring over 25 prospects and leads. License 67 contains the Ledovoye and Cheremshanskoye oil fields and numerous prospects and leads.