Petroneft Resources PLC Completion of fracking program and initial results (7832Q)
02 Marzo 2021 - 01:00AM
UK Regulatory
TIDMPTR
RNS Number : 7832Q
Petroneft Resources PLC
02 March 2021
PetroNeft Resources plc
2(nd) March 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Completion of fracking program and initial results
PetroNeft (AIM: PTR) an oil & 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
operational successes.
Highlights
-- Hydraulic fracture stimulation program of wells on both the
Sibkrayevskoye and the Lineynoye fields successfully completed.
-- Initial results from the wells are very encouraging, leading
to production increases and opening the door to potential further
developments.
The S-373 well on the Sibkrayevskoye field was successfully
fracked on the 13(th) of February. A step-rate test and mini frac
were completed prior to the main frac. The mini frac results
enabled the frac size to be optimized reducing it to 41 tons. The
pre-frac production from the well averaged 200 bopd through 2020.
Following flow back of the frac fluids, oil production over the
last six days has more than doubled. As the well was brought back
on-line the water cut has declined from the immediate post frack
100% to the current level of just under 40% and is stable.
The aim of fracking this well was not only to increase
production, but also to provide crucial information which can lead
to an improved understanding of the optimum forward development
plan for the field.
The L-115 well at the Lineynoye field was previously fracked in
2010 with a relatively small 30 ton frack. The well was re-fracked
with a 60 tons frac. The aim being to investigate if we can improve
production from the older wells in the field with good follow on
candidates which can be fracked during the next 2021/22 winter
season.
The pre-frac oil rate averaged 20 bopd with the post frack rate
currently 40 bopd. It is expected that as the water cut continues
to decline the oil rate will continue to increase.
David Sturt, CEO PetroNeft commented:
"The initial results from the fracking operations at from both
wells are very encouraging. Although it is still early days,
results so far have demonstrated the value of fracking as a
relatively low cost but highly effective means of increasing
production, provided the right geological and operational
conditions prevail combined with an optimized frack design. We look
forward to identifying further candidates for similar activity
within our licences."
For further information, contact:
+971 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
+353 1 679
John Frain/Caroline Pearson, Davy (NOMAD and Broker) 6363
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
The information contained in this announcement has been reviewed
and verified by Mr. David Sturt, Chief Executive Officer and
Executive Director 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. Sturt holds a B.Sc. Degree in
Earth Sciences from Kingston University and an MSc. in Exploration
Geophysics from The University of Leeds. He is a member of the
Petroleum Exploration Society Great Britain and has over 35 years'
experience in oil and gas exploration and development.
Glossary
bopd Barrels of oil per day
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END
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