Petroneft Resources PLC Operational Update (5583R)
09 Marzo 2021 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 5583R
Petroneft Resources PLC
09 March 2021
PetroNeft Resources plc
9(th) March 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Production commences at Licence 67
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 90%
owner and operator of Licences 67 and 50% owner and operator of
Licence 61 is pleased to announce the following operational
news.
Highlights
o Production commenced from the Cheremshanskoye field on Licence
67.
o Current production over 240 bopd.
Production has commenced from the C-4 well on the
Cheremshanskoye field. The well has been flowing naturally with
production building as the choke size has been gradually increased
from 2 mm to 8 mm. The current flow rate is 243 bopd.
The forward plan is to closely monitor reservoir performance and
at an appropriate time install a pump to maximise production and
further increase revenue.
The C-4 well, which is located on the northern margin of the
Cheremshanskoye field, was drilled during 2018 and tested oil at a
combined 179 bopd from Upper Jurassic J1-1 and J1-3 clastic
reservoirs from 2,630.8 m-2,633.8 m and 2,644 m-2,655 m.
The well was successfully re-entered in Q1 2020 to perform an
extended well test. During this test, the well flowed at various
choke sizes from the same Upper Jurassic J1-1 & J1-3 clastic
reservoirs and flowed naturally at up to a maximum 476 bopd on a
10mm choke size.
The Cheremshanskoye field reserves are 19.26 mmbbls C1+C2 which
were approved by GKZ (Russian State Reserves Committee) January
2019.
The Company recently increased its interest in Licence 67 from
50% to 90%.
David Sturt, CEO PetroNeft commented:
"Particularly as it closely follows the increase in our equity
stake to 90 percent, we are delighted with the news from
Cheremshanskoye. Early results from the initial well suggest that
this well will perform at or above our expectations. This is a
major achievement for the company bringing the Cheremshanskoye
field in to production. We are particularly proud that our team in
Tomsk has been able to achieve this during a particularly harsh
winter season when temperatures have at times been below minus 50
C.
There is considerable potential to increase value through
development of this field due to the size of the structure,
proximity to good infrastructure and the field being eligible for a
reduction in the production tax.
We are looking forward to providing further updates."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 6-8
+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
mm Millimetre
---------------------------------------------
mmbbls Million Barrels
---------------------------------------------
C1 + C2 Russian State Reserves C1 + C2 is equivalent
to 2P (Proven + Probable)
---------------------------------------------
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END
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