TIDMPTR
RNS Number : 5123W
Petroneft Resources PLC
26 April 2021
PetroNeft Resources plc
26(th) April 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Licence 67 Operational Update
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 90%
owner and operator of Licence 67 and 50% owner and operator of
Licence 61, is pleased to announce the following operational update
for Licence 67.
Highlights
o Completion of the Cheremshanskoye road ahead of schedule and
within budget.
o Good performance from the C-4 well. The well is flowing
naturally at approximately 300 bopd without any decline and over
16,000 bbls of oil has been produced to date.
o Workover rig mobilized to the L-2a well on Ledovoye field,
initial results expected by the end of Q2.
Cheremshanskoye update
Construction of the 6.5 km road connecting the C-4 well on the
Cheremshanskoye field to the nearest all season road has been
completed ahead of schedule and within budget. The road is already
being used to export oil from the C-4 well and, in addition, is
enabling personnel and equipment to be mobilized into and out of
the field all year round without the need for more expensive
helicopter transportation, thereby further reducing operational
costs.
The C-4 well has been producing oil flowing naturally since
17(th) of February. Initially the well was producing through a 2 mm
choke size. It has been steadily increased to the current 8 mm
choke size on 7(th) of March. Since this time the production has
increased to approximately 300 bopd and is showing no signs of
decline. In total over 16,000 bbls of oil (over 2,100 tons) have
been produced and sold.
The oil has been sold at competitive rates under the offtake
contract with the local refinery at the well head, thereby removing
any pipeline costs and improving the margins.
The value of the oil produced from the Cheremshanskoye field is
enhanced by the partial exemption in the Mineral Extraction Tax
(MET) which in February was equivalent to $3.4/bbl and for March is
estimated to be $4.2/bbl.
Due to the strong performance of the well we are looking at
options to further increase production from the well.
The Cheremshanskoye field reserves are 19.26 mmbbls C1+C2 which
were approved by GKZ (Russian State Reserves Committee) January
2019.
Ledovoye update
The Company is finalising its preparations to re-enter the L-2a
well on the Ledovoye field. The L-2a well lies along the northern
margin of the licence and immediately south of the North Ledovoye
field in the adjacent Licence 55, which has historically been
operated by MOL. A workover rig has been mobilised to the L-2a well
andoperations will start imminently with initial results expected
by the end of Q2.
This L-2a well was drilled by the Company in 2011 and was
designed to twin the successful L-2 well which was drilled in 1973
and flowed oil to surface during a short open hole test recovering
34.5 bbls of oil in 40 minutes, equivalent to more than 1,000 bopd.
The L-2 well suffered from operational problems before a cased hole
test could be run.
At the time of drilling of the L-2a well (2011), 5 m of net oil
pay was identified within the Upper Jurassic J1-1 and J1-2
reservoir intervals. The well flowed 8.3 m3/day (52 bopd) on a
small 3 mm choke, but did not have a cased hole test, this being a
requirement for reserves to be approved by GKZ (Russian State
Reserves Committee) and for development of the field.
The forward plan is to re-enter the well, run a liner, and then
perform a cased hole test on both the Upper Jurassic J1-1 and J1-2
reservoir intervals. If successful, the plan is to carry out a
3-month extended test. Any produced oil during this three month
test will be sold. This data will then be used to gain GKZ approval
of the reserves which then will enable the Company to evaluate
options to commence development of this field. The close proximity
to an all season road (200 m) will enhance development economics
through lower costs.
David Sturt, CEO PetroNeft commented:
"We are very pleased to be able to report continued operational
success following on from our rigorous review and utilization of
all available opportunities combined with a highly dedicated
operational team in our Tomsk office.
The success at Cheremshanskoye will provide a basis for a
year-round production boost and the favorable tax position means
that this additional production will deliver excellent returns.
It is also very exciting to be moving forward with the L-2a well
re-entry. Previous wells have proven up oil in this field and we
now need to focus on executing the re-entry to further increase
reserves, production and revenue. Our strategy for this well is in
line with our approach of using local expertise to deliver
relatively low risk wells which will add immediate value in terms
of production and reserves while using the minimum of capital."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 608
+353 1 679
John Frain / Ciara O'Mongain, 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
bbls Barrels
mmbls Million Barrels of Oil
C1+C2 Russian State Reserves C1 + C2, equivalent
to 2P (Proven and Probable)
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