Petroneft Resources: Arbuzovskoye Well 102 Successfully Drilled and Logged
PetroNeft Resources plc owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations.
Highlights:
• Arbuzovskoye well 102 successfully drilled and logged
• Initial results positive with similar reservoir properties to prior wells
• Confirms J1-1 reservoir in eastern portion of the field
• Group production remains stable above 2,200 bopd
Licence 61 – Arbuzovskoye Pilot Development Programme
Arbuzovskoye well 102, the second of ten planned new production wells on the Arbuzovskoye oil field, has been successfully drilled and logged. Production casing is currently being run and cemented in the well following which the main drilling rig will then be moved to start drilling the 109 well which is the next well in the drilling sequence. A workover rig will be used to do the 102 completion and bring the well into production.
Well 102 penetrated the J1-1 reservoir essentially as prognosed at -2,450.8 metres tvd. This is about 13 metres higher on the structure than the 101 well. Log data indicates that the reservoir is substantially identical to the good quality reservoir in the Arbuzovskaya No. 1 and 101 wells. The net pay is estimated to be 5.0 m.
Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according to independent reserve auditors Ryder Scott and is the Company’s second production development.
Licence 61 – Production
Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields, remains stable above 2,200 bopd.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“We are delighted to have now confirmed the presence of the J1-1 reservoir in the eastern portion of the Arbuzovskoye field. Based on the log evaluation we believe this well to be similar to the other two wells on the field. We expect to bring the well into production within the next couple of weeks at which stage we will update shareholders again.”
