LONDON (Alliance News) - Oil and gas company PetroNeft Resources PLC said on Tuesday it has successfully cored, logged and open-hole tested the J1-1 and J1-3 intervals of the Cheremshanskoye-4 well in Licence 67.
The licence is situated in the Tomsk Oblast in Russia. The well has proved up the northern half of the field, with oil tested from two horizons at a combined prorated flow of 399 barrels of fluid per day, exceeding expectations.
The oil cut in this number is expected to increase further in a longer test once drilling fluids are cleared out of the well.
The result has the potential to increase gross proven and probable reserves to 40 million barrels, with a total net pay across both Jurassic intervals of 10.4 million.
PetroNeft said it has now resumed drilling and will target the secondary J14 objective in the lower Jurassic.
"We are very pleased with the results of the C-4 well so far as it has demonstrated the value of the Cheremshanskoye field within Licence 67. The well demonstrates the importance of the 3D seismic in being able to confidently select a well location 5 kilometres away from the discovery wells," Chief Executive Officer Dennis Francis.
"Although the open hole tests have been of relatively short duration, the additional log and core data are very encouraging with both the J1-1 and J1-3 intervals exceeding pre-drill estimates. We look forward to sharing the final results when they are available," Francis added.
Shares in PetroNeft Resources were up 7.7% at 1.51 pence on Tuesday.
