Petroneft Resources PLC Operations Update (8414D)
February 03 2015 - 1:01AM
UK Regulatory
TIDMPTR
RNS Number : 8414D
Petroneft Resources PLC
03 February 2015
3 February 2015
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Operations 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 operations at Licence 61.
Highlights
Tungolskoye
-- Tungolskoye No. 5 well tested at over 600 bopd and is now in production
-- Development of Tungolskoye to proceed immediately
o 11 well Tungolskoye campaign to commence in Q2 2015
o Tenders awarded for drilling and for the development of
additional infrastructure at Tungolskoye
Arbuzovskoye & Sibkrayevskoye
-- Arbuzovskoye 103 well now in production at a stabilised
average rate of 125 bopd and confirms southern lobe of field
-- Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly
-- Arbuzovskoye 107 well has been spudded
-- Seismic acquisition underway at Licence 61.
-- Drilling to commence later this month at Sibkrayevskoye 373
Production
-- Total production now about 2,450 bopd (including Tungolskoye No. 5)
Tungolskoye
The horizontal segment of the Tungolskoye No. 5 well has been
drilled and completed in the J1-1 and J1-2 Upper Jurassic
intervals. The total horizontal segment was just over 350 metres of
which over 80% was located in the productive J1-1 and J1-2
reservoirs at depths between -2,502 m and -2,517 m TVD. The well is
still cleaning up and current production is 604 bopd using an
Electric Submersible Pump (ESP). The oil is currently being trucked
25 km to the Lineynoye central processing facility.
Development of the Tungolskoye oil field which is estimated to
contain 20 mmbbls in 2P reserves will now proceed immediately.
Contracts are currently being finalized for the 2015/16 Tungolskoye
development drilling programme. The programme is expected to
comprise five horizontal and up to six vertical wells. Drilling is
expected to commence in April 2015 and will be completed in Q1
2016. Further details will be announced once the drilling contract
is executed.
Tenders have also been awarded for the construction of a
pipeline and power line to connect the Tungolskoye oil field back
to the Lineynoye central processing facility with contracts
currently being finalised. All of the necessary drilling and other
supplies for this programme have been ordered and are being
delivered to the field. Capital expenditure on this project is
included in the License 61 development plan agreed between the
License Partners and is fully funded.
Arbuzovskoye
The Arbuzovskoye 103 well has been completed and brought into
production at an initial rate of 125 bopd. The well was drilled as
the maximum reach step out to the south to better define the oil
water contact and productivity. The well encountered 5.0 m of oil
saturated pay in the J1-1 Upper Jurassic interval at a depth of
-2,460 m TVD and confirms oil in the southern lobe of the
Arbuzovskoye field. Current plans are to develop the southern
portion of the field with a combination of horizontal and vertical
wells commencing in 2016.
The Arbuzovskoye 104 well has now been drilled in the northern
part of the field adjacent to the A-106 well. The logs indicate
that the well has 5.4 m of net oil pay in the J1-1 Upper Jurassic
interval at a depth of -2,467 m TVD and looks similar to the
adjacent A-106 well which is currently producing about 175 bopd. We
are currently completing the A-104 well and anticipate bringing it
on production within a week.
The Arbuzovskoye 107 was spudded on 1 February 2015 and is
expected to take approximately four weeks to drill. It is located
north-west of the A-103 well.
Total production from Licence 61 is currently about 2,450
bopd.
Sibkrayevskoye
The drilling rig for the Sibkrayevskoye No. 373 well is
currently being erected. It is expected that drilling will commence
later this month.
Work is well underway on the programme to acquire 1,000 km of
high quality 2D seismic data across the Sibkrayevskoye oil field
and other fields and prospects in the northern portion of Licence
61. The main acquisition of data will continue until April with
final interpreted results being available in Q3 2015. This will
help formulate our work programme beyond the current drilling
campaign at Tungolskoye and Arbuzovskoye in order to develop the
Sibkrayevskoye oil field which is estimated to contain 53 mmbbls in
2P reserves.
Dennis Francis, Chief Executive Officer of PetroNeft Resources
plc, commented:
"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.
We have also achieved two excellent results at Arbuzovskoye
particularly from the A-103 well which has confirmed the southern
lobe of the Arbuzovskoye field as well as adding to production,
which has grown to 2,450 bopd."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +1 713
plc 988 2500
Paul Dowling, CFO, PetroNeft Resources +353 1
plc 647 0280
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
Joe Heron / Douglas Keatinge, Murray +353 1
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 40 years' experience in oil
and gas exploration and development.
Glossary
2P reserves Proved and probable reserves as
defined by the standards of the
Society of Petroleum Engineers
------------ ---------------------------------
bopd Barrels of oil per day
------------ ---------------------------------
m Metres
------------ ---------------------------------
mmbbls Million barrels
------------ ---------------------------------
TVD True vertical depth
------------ ---------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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