(Alliance News) - PetroNeft Resources PLC on Wednesday said it planing to bring the Cheremshanskoye field into production and is evaluating options to re-test two wells in the Ledovoye field.
The Cheremshanskoye and Ledovoye fields are in Licence 67 in the Tomsk Oblast territory of Russia. The company is the 50% owner and operator of Licence 67.
The Russia focused oil & gas exploration said it will be re-entering the C4 and C3 wells on the Cheremshanskoye field during the first quarter of 2020 with the combined aim of bringing the field into production and at the same time providing crucial reservoir performance data.
The company is also working on plans to re-enter two wells on the Ledovoye field during 2020 and, if successful, the company will be looking to both book additional reserves and promptly start production from the Ledovoye field.
"This is an exciting development for the Company as we work towards commencing production from the Cheremshanskoye field in Licence 67. Re-entering the two previously drilled wells enables us to initiate production without the need for significant capital," said PetroNeft Chief Executive David Sturt.
PetroNeft shares were un-traded at 0.78 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.