LONDON (Alliance News) - PetroNeft Resources PLC Thursday said it had drilled its fourth successful well at South Arbuzovskoye, and it has seen further increases to its production levels from its Licence 61 in Tomsk Oblast, Russian Federation.
PetroNeft is a 50% owner and operator of Licences 61 and 67 in Tomsk Oblast.
The A-216 well was spudded at Arbuzovskoye on June 20. This was a deviated production well which was added to the work programme at the licence due to successful results on other wells.
The well was drilled to a total depth of 2,733 meters and logged, and an initial evaluation indicated two sandstone reservoirs with a total net pay of 11.4 meters. The well was perforated at both intervals, and initial production has now stabilised at around 175 barrels of oil per day with 15% water, PetroNeft said.
Current production from Licence 61 is about 3,700 barrels of oil per day, of which 1,850 barrels of oil per day are net to PetroNeft. The company said this was a new record production for the licence area, and is due to the good results at the four wells at Arbuzovskoye.
Meanwhile, at its Sibkrayevskoye development the S-374 delineation well was spudded July 3, and a result is expected in August. All studies and approvals are being completed so it can begin development of Sibkrayevskoye in the first quarter of 2017.
"We are very pleased with the outcome of the South Arbuzovskoye development programme which included both deviated and horizontal wells. We are planning to use a similar approach in the development of the Sibkrayevskoye field which we are working to sanction for development in 2017," said Chief Executive Officer Dennis Francis in a statement.
Shares in PetroNeft were up 9.9% at 2.50 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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