LONDON (Alliance News) - PetroNeft Resources PLC Tuesday said it completed the vertical hole at the Tungolskoye No. 5 well at the Tomsk Oblast site in the Russian Federation.
The company said the results of the drilling confirm the structural interpretation of Tungolskoye and said an open hole flow test conducted on the T-5 well showed 100 barrels of oil per day unstimulated.
It said it encountered 8.2 metres of net oil pay at the well.
The company said the part of the well below around 800 metres will be sealed with a cement plug in order to isolate the reservoir before drilling down at a different angle to position a new horizontal section.
Testing on the horizontal section of the well is due to take place in three to four weeks, it said.
"We are pleased with the results of the T-5 well so far and the flow rate achieved. The well has confirmed both the structural interpretation as well as a good reservoir interval and initial test," said Dennis Francis, Chief Executive Officer of PetroNeft.
PetroNeft shares were up 2.0% to 6.35 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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