PetroNeft Planning Further Licence 67 Well In 2018 Work Programme

LONDON (Alliance News) - Russian oil and gas firm PetroNeft Resources PLC said on Thursday it is to drill a new well on Licence 67 as well as continue testing work at Licence 61 during 2018.

PetroNeft is to drill a delineation well at the Cheremshanskoye oil field on Licence 67. The C-4 well, it said, will further de-risk the field ahead of field development work, with the firm having already drilled three prior wells there.

The first reservoir target is the J1-3 interval, around 10 metres thick throughout the region, while the second is the J14 interval. PetroNeft will move a drilling rig to the field this winter while winter roads are in place, and drilling will occur this summer, funded through existing resources.

On Licence 61, PetroNeft continues to test the S-373 and S-375 wells and will to so for the rest of the 20178 winter season, with the data then used to plan further development at Sibkrayevskoye.

Chief Executive Dennis Francis commented: "We look forward to drilling the C-4 well which we feel has great potential as it will test multiple targets up-dip from nearby wells that have already tested oil in the same intervals.

"This is the first well to be drilled by the company based on the modern 3D seismic data acquired in 2014."

Both licences are located in Tomsk region in western Siberia. PetroNeft shares were up 3.6% on Thursday at 1.45 pence each.