Petroneft Resources PLC Operational Update (9806M)
27 Enero 2021 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 9806M
Petroneft Resources PLC
27 January 2021
PetroNeft Resources plc
27(th) January 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Operational Update
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 the
following operational update.
Highlights
-- Licence 61
o Increase in production performance with 1,847 bopd during
January (1,727 bopd January 2020) - up 6.95% year on year.
o Good progress on preparations for fracking program on track
with two well program to start during first week in February.
-- Licence 67
o Operations to commence year-round production from the C-4 well
at the Cheremshanskoye field on course to commence during second
week in February.
o Construction of a road linking C-4 to an all-season road on
target for completion in Q2.
Licence 61
Production at Licence 61 has continued to perform strongly in
spite of severe cold weather being experienced in the field with
temperatures below minus 50 degrees centigrade. To date production
for January (up to the 25(th) January) has increased 6.9% compared
to the full January 2020 daily production rate, in spite of L-115
production being taken off line to prepare the well for the
fracking program, this has resulted in an approximate loss of 100
barrels of oil in total. We continue to see good production
performance particularly from the Lineynoye and Sibkrayevskoye
fields as well as a leveling off of the production decline at the
Arbuzovskoye field.
Work is progressing on a two well fracking program to start
during the first week of February. The first well to be fracked is
the L-115 well on the Lineynoye field. The well was previously
fracture stimulated when first drilled in 2010 but it was only a
relatively small frack of 30 tons as it was limited by logistics
with the proppant being helicopter ed in. This time we are aiming
to carry out a larger 50 ton frack which is more in line with that
which achieved such good results on the other Lineynoye PAD 1
wells. The aim of the frack is to investigate if we can improve
production from older wells on the field. On success there are a
number of other good follow up candidates which can be fracked
during the next 2021/22 winter season. This method of production
enhancement offers the opportunity to deliver material production
gains at very low cost.
The second well to be fracked is the S-373 well at the
Sibkrayevskoye field. This field has performed very well throughout
2020 since we connected it to the central processing facility in Q1
2020. We see similar geology in this field to the wells at PAD 1 in
the Lineynoye field where the previous fracking results were
excellent. The aim of fracking this well is to increase production
but crucially it will also provide information which can lead to an
improved understanding of the optimum forward development plan for
the field.
Licene 67
At Licence 67 operations are also progressing well. Construction
of the road from the C-4 well to the all-season road at the C-3
well location has commenced and is already approximately 30%
complete. This road is on schedule for completion by the end of the
current winter season and will allow year-round production from the
field, thereby providing an additional revenue stream for the
Company.
Work on putting the C-4 well on year round production is also
progressing with production planned to commence no later than the
second week of February. Initially the production will be exported
utilising a winter road which is already in place.
In addition to the operations on the Cheremshanskoye field, we
are also preparing to mobilise a work over rig to the Ledovoye L-2a
well to commence work over of the well during February. The aim is
to establish commercial oil flows from the Upper Jurassic J1-1
horizon. This focus on the Jurassic offers the potential to deliver
additional production at relatively low investment levels. On
success we will produce the well for an initial three month period
at the same time as working on gaining state reserves approval for
the field which on success will enable the well to be on year round
production from the end of this year.
David Sturt, CEO PetroNeft commented:
" Our success of achieving production growth across our licences
has exceeded expectations and is a testament to the hard work and
expertise of our local team.
This is an extremely exciting time for the company. In the
coming weeks, we will continue our low cost but carefully
considered programme of operations. Each of these operations have
the potential to increase production and further improve
revenues.
Looking forward we hope to be able to report positive news as
this program unfolds throughout 2021."
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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