Petroneft Resources PLC Operational Update (8820K)
27 Abril 2020 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 8820K
Petroneft Resources PLC
27 April 2020
PetroNeft Resources plc
27(th) April 2020
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 provide an
update on the progress of the re-entry of the C-3 well on the
Cheremshanskoye field in Licence 67.
Highlights
-- Successful re-entry of the C-3 well in the Lower Jurassic J14
interval in the C-3 well. Testing confirmed gas, and non-commercial
quantities of high paraffin condensate/light oil.
-- Work over of the J14 interval was under budget.
-- Testing of the upper horizons and the well re-entry program
as a whole has been suspended due to the current global
situation.
Operations Update
Licence 67
The C-3 well is located on the southern part of the
Cheremshanskoye field and was originally drilled in 2011 and tested
the J1-1, J1-3 and J14 clastic horizons recovering hydrocarbons
from all three zones .
The well was successfully re-entered and re-perforated in the
interval 2,990 to 3,006 m and then an ESP was run into the well on
29(th) of March. The aim of the re-entry of the J14 interval was to
maximize the drawdown of the interval and induce natural flow to
surface at commercial rates. The well was tested at various choke
sizes, but stabilized flow could not be established due to the waxy
oil/condensate and tight formation.
In total 202 barrels of fluid was produced during the tests with
the highest recovery rate being 46 barrels on the 6(th) April.
Following completion of the test and evaluation of the results,
we now interpret the J14 in the C-3 well to be a condensate rich
gas cap. We are now studying all the information gathered to decide
on the next steps. In the C-1 well (500m to the north west), there
is a J14 basal sand with much better reservoir quality that could
be the downdip oil leg of the gas cap encountered in the C-3
well.
On completion of the J14 test, the company managed to negotiate
a low rate for the work over rig to stay on location in a standby
mode so that we may return quickly without incurring demobilisation
and remobilisation charges. We are now looking at moving up the
well to re test the J1-1 and J1-3 which we believe will be able to
produce commercial quantities of oil using an ESP. We do not
believe the result on this test has any implications for the upper
zones.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented:
"Whilst we are disappointed that we did not flow hydrocarbons at
commercial rates, we are pleased that we managed to establish that
the J14 interval is a liquids rich gas filled reservoir.
Initially we had planned to progress up the well to test the
Upper Jurassic J1-1 and J1-3 intervals to establish commercial
production before moving on to test the L-2 and L-2a well on the
Ledovoye field. However, in light of the current economic situation
combined with the coronavirus shut downs in Russia, we believe it
is prudent to suspend operations for now."
For further information, contact:
+971 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
+353 1 679
John Frain/Brian Garrahy, 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
bfpd/day Barrels fluid per day
ESP Electric Submersible Pump
--------------------------
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END
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