Petroneft Resources PLC Drilling Update (9893W)
August 07 2018 - 1:01AM
UK Regulatory
TIDMPTR
RNS Number : 9893W
Petroneft Resources PLC
07 August 2018
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Drilling Update
PetroNeft (AIM: PTR) an oil and gas exploration and production
company operating in the Tomsk Oblast, Russian Federation, and 50%
owner and operator of Licences 61 and 67 is pleased to announce
that it has commenced drilling of the C-4 well at
Cheremshanskoye.
Licence 67
Drilling of the Cheremshanskoye No. 4 (C-4) well has commenced
in recent days. The C-4 well is designed to further delineate and
de-risk the Cheremshanskoye field in advance of field development.
Three prior wells have been drilled on the field, most recently in
2011 by PetroNeft and oil has been identified and tested in 4
different intervals in the field: the Lower Jurassic J-14 and J-13
intervals and the Upper Jurassic J1-1 and J1-3 intervals.
The initial Cheremshanskoye wells were drilled without the
benefit of modern 3D seismic data which was acquired in 2014. The
C-4 well is designed to test a large portion of the field which is
structurally higher than the previous wells based on this recently
acquired 3D seismic data and thus has the potential to
significantly increase the potential recoverable reserves.
The primary reservoir target is the J1-3 interval which is
approximately 10 m in thickness throughout the region and is the
primary reservoir at the adjacent producing Lomovoye field operated
by TomskNeft. The J1-3 interval tested 240 bopd of light oil
(40degAPI) on natural flow in the adjacent Lomovoye No. 208
well.
The secondary reservoir target is the J14 interval which had a
natural flow of 33 bopd of light oil (49degAPI) from 6.5 m of net
pay in the 2011 Cheremshanskoye No. 3 well.
With a number of horizons targeted by this well, Cheremshanskoye
has the potential to be larger than the Sibkraeyevskoye oil field
at Licence 61 and therefore add significant value.
The well is being drilled under the joint venture agreement with
our partner for Licence 67, Arawak Energy on a 50:50 basis. It is
expected to be completed in about two months.
Dennis Francis, Chief Executive Officer of PetroNeft Resources
plc, commented:
"We are pleased to have commenced 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."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +1 713 988
plc 2500
Paul Dowling, CFO, PetroNeft Resources +353 1 647
plc 0280
John Frain/Brian Garrahy, Davy (NOMAD +353 1 679
and Joint Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord +44 207
Genuity Limited (Joint Broker) 523 8000
Joe Heron / Douglas Keatinge, Murray +353 1 498
Consultants 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.
End
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLLFFVFTTIRIIT
(END) Dow Jones Newswires
August 07, 2018 02:01 ET (06:01 GMT)
Petroneft Resources (LSE:PTR)
Historical Stock Chart
From Apr 2024 to May 2024
Petroneft Resources (LSE:PTR)
Historical Stock Chart
From May 2023 to May 2024