Petroneft Resources PLC Tungolskoye No. 5 update (1773U)
October 14 2014 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 1773U
Petroneft Resources PLC
14 October 2014
14 October 2014
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Tungolskoye No. 5 update
PetroNeft (AIM: PTR) an oil & gas exploration and production
company operating in the Tomsk Oblast, Russian Federation, is
pleased to provide an update on the Tungolskoye No. 5 ("T-5")
well.
-- Vertical pilot hole successfully completed
-- Structural interpretation of Tungolskoye confirmed
-- Open hole flow test of 100 bopd, unstimulated
-- 8.2 metres of net oil pay encountered
-- Horizontal section of T-5 well to commence
The vertical pilot hole of the T-5 well has been successfully
drilled. The Upper Jurassic J1 oil reservoir horizon was
intersected at -2,495.8 metres true vertical depth subsea (TVDSS),
which is approximately 11 metres high to the T-1 well to the south.
This is consistent with expectations and confirms the structural
interpretation of Tungolskoye. Preliminary evaluation of the logs
indicates that the J1 interval consists of at least 8.2 metres of
net pay. An open hole test was conducted over this interval and
tested at a pro-rated inflow of 100 bopd unstimulated.
The part of the well below about 800 metres will now be sealed
with cement plugs to isolate the reservoir before drilling down at
a different angle to properly position a new horizontal section.
The well will first be drilled down to a depth of approximately
-2,490 metres TVDSS and then casing will be set. Baker Hughes will
then take over in order to drill the horizontal section in the
reservoir. The process is expected to take approximately 3 to 4
weeks, after which the horizontal section of the well will be
tested.
Arbuzovskoye
The Arbuzovskoye 106 well is drilling ahead at more than 2,000
metres depth and is expected to be completed later this month.
Dennis Francis, Chief Executive Officer of PetroNeft Resources
plc, commented:
"We are pleased with the results of the T-5 well so far and the
flow rate achieved. The well has confirmed both the structural
interpretation as well as a good reservoir interval and initial
test. We look forward to completing our first horizontal well at
Licence 61 and continuing our ongoing production drilling work at
Arbuzovskoye."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +353 1
plc 443 3720
Paul Dowling, CFO, PetroNeft Resources +353 1
plc 443 3720
John Frain/Brian Garrahy, Davy (NOMAD +353 1
and Joint Broker) 679 6363
Henry Fitzgerald-O'Connor, Canaccord +44 207
Genuity Limited (Joint Broker) 523 8000
Martin Jackson/Shabnam Bashir, Citigate +44 207
Dewe Rogerson 638 9571
+353 1
Joe Murray/Joe Heron, Murray Consultants 498 0300
The information contained in this announcement has been reviewed
and verified by Mr. Dennis Francis, Director and Chief Executive
Officer of PetroNeft, for the purposes of the Guidance Note for
Mining and Oil & Gas Companies issued by the London Stock
Exchange in June 2009. Mr. Francis holds a B.S. Degree in
Geophysical Engineering and a M.S. Degree in Geology from the
Colorado School of Mines. He has also graduated from the Harvard
University Program for Management Development. He is a member of
the American Association of Petroleum Geologists and the Society of
Exploration Geophysicists. He has over 35 years experience in oil
and gas exploration and development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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