LONDON (Alliance News) - Petroneft Resources PLC Tuesday said production has risen after it brought its latest well online in western Siberia, and said it has plans to bring another well into production over the next week to increase production further.
The company's average production across all of its assets in Siberia stands at 2,450 barrels of oil per day, which includes the Tungolskoye number 5 well in western Siberia, contributing 600 barrels of oil per day after being placed into full production over the last quarter.
Starting in the second quarter of 2015, Petroneft plans to drill five horizontal wells and six vertical wells on the Tungolskoye field after it has finalised drilling contracts, it said.
"We are delighted with the result of the T-5 well, our first horizontal well, which has exceeded our expectations and which bodes extremely well for the development of Tungolskoye where we plan a number of longer horizontal segments in an 11 well campaign," said Chief Executive Dennis Francis.
Petroneft also is in the final stages of signing contracts that will allow the company to construct a pipeline and power line to connect the Tungolskoye oil field back to the Lineynoye central processing facility.
At the Arbuzovskoye field, also in western Siberia, the company finished drilling its latest well, which is producing an initial rate of 125 barrels of oil per day. A separate well that is still being drilled on the field is being completed and should be brought into production within the next week, said Petroneft.
Petroneft shares were up 6.9% to 4.33 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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