Petroneft Resources PLC Reserve Update (8627W)
24 Abril 2019 - 1:03AM
UK Regulatory
TIDMPTR
RNS Number : 8627W
Petroneft Resources PLC
24 April 2019
PetroNeft Resources plc
24(th) April 2019
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Increase in Reserves for Licence 67 following drilling
success
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 (the remaining 50% held by
Arawak Energy), is pleased to give the following update in relation
to reserves at its Licence 67.
Highlights
-- New reserves approved for Licence 67, Cheremshanskoye field.
-- Approximately 19.26 mmbbls of C1 + C2 reserves (gross) for the Jurassic Reservoirs.
-- Currently examining development options for Licence 67.
-- Material additional exploration potential of the overlying Cretaceous section being studied.
Reserve Boost
Following on from the successful drilling on Licence 67 of the
C-4 appraisal well on the northern part of the Cheremshanskoye
field, PetroNeft has received approval from the State Reserves
committee (GKZ) for C1 + C2 reserves of 2.5 Mtons (this is
approximately equal to 2P reserves of 19.26 mmbbls). The reserves
approved are in the Upper Jurassic (J1) and Lower Jurassic (J14)
intervals.
PetroNeft's internal assessment of the field further indicates
potential for reserves to more than double in the future, as the
current reserves do not reflect the full potential for the Jurassic
intervals within this large four-way dip closed structure which
extends over 46km(2).
The Company is also evaluating the prospectivity in the
overlying Cretaceous play within the Cheremshanskoye and Ledovoye
fields. Historically the Cretaceous play has been difficult to
target due to siting wells on 2D seismic data. Both the
Cheremshanskoye and Ledovoye fields are covered with high quality
3D seismic data which the Company believes could be the key to
unlocking the full potential of this exciting additional play.'
David Sturt, the Company's Chief Executive Officer ("CEO").
'This is a great step forward for the company following the
drilling of the successful C-4 well in 2018. Now that we have
reserves independently approved, we can start evaluating
development options for the field with our partner.
We are very excited about the ultimate potential of this field
as we now have oil proven at both ends of this substantial
structure. In addition to the reserves which are now proven in the
Jurassic sands, we are also very encouraged about the potential
within the Cretaceous interval where oil was identified in the C-4
well but could not be tested for operational reasons."
Licence 67 in detail
The Cheremshanskoye field lies in the southern half of Licence
67 which PetroNeft operate with a 50% working interest, the
remaining 50% held by our partner Arawak Energy. The field lies to
the south and adjacent to the producing Lomovoye field (operated by
Tomskneft) and to the south of Licence 67 lies the giant South
Cheremshanskoye field.
In addition to the Cheremshanskoye field, in the north west part
of the licence lies the Ledovoye field where oil has previously
been encountered in the Jurassic and Cretaceous reservoirs in three
previous wells. Oil has been tested here in the Upper Jurassic J1
interval, but the Cretaceous B16-17 interval was not tested due to
operational problems. We are currently assessing what we believe to
be the considerable potential of this earlier discovery.
In addition to the proven Jurassic intervals in the
Cheremshanskoye field, we are also looking at the exploration
potential of the overlying Cretaceous intervals which are very
prolific in the South Cheremshanskoye field immediately to the
south.
The licence was acquired via state auction in 2010. Two prior
exploration wells (C-1 and C-2) had been drilled on the
Cheremshanskoye structure during Soviet times. PetroNeft identified
potential bye-passed pay in these wells and drilled the C-3
delineation well in 2011 and tested oil in the J14 and J1 Jurassic
intervals. 3D seismic data was acquired over Cheremshanskoye in
2014 and the C-4 well was drilled on the north end of the structure
in 2018. The C-4 well encountered approximately 10.3 m of net oil
pay in the J1 interval with very good open-hole and cased-hole
testing indicating that the well will produce over 400 bopd on
pump. Oil was identified on logs in the Lower Cretaceous B-18
interval in the C-4 well but was not tested.
For further information, contact:
David Sturt, CEO, PetroNeft Resources plc +971 919 808
John Frain/Brian Garrahy, Davy (NOMAD and Joint +353 1 679
Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited +44 207 523
(Joint Broker) 8000
+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
bbls Barrels
bopd Barrels of oil per day
------------------------------------------------------
m metres
------------------------------------------------------
mmbbls Million barrels
------------------------------------------------------
Mtons Million Tons
------------------------------------------------------
Net oil pay A reservoir or portion of a reservoir that
contains producible hydrocarbons.
------------------------------------------------------
C1 + C2 Russian State Reserves C1 + C2, equivalent
to 2P (Proven and Probable)
------------------------------------------------------
2P Proven and Probable reserves under the Society
of Petroleum Engineers Petroleum Reserves Management
System
------------------------------------------------------
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END
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