PetroNeft Resources: Update on Arbuzovskoye well No. 102
Further to the operations update on 11 October 2012 PetroNeft Resources plc owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on the flow rate achieved from Arbuzovskoye well 102
Highlights:
- Arbuzovskoye well 102 successfully completed with an initial flow of 540 bopd
- Flow rate is highest ever achieved without fracture stimulation in Licence 61
- Production confirms good reservoir properties interpreted from log and core data
- Arbuzovskoye well 109 drilling ahead
- Group production increases to over 2,700 bopd with addition of well 102
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 completed and brought into production at an initial rate of 540 bopd with less than 2% water cut.
Arbuzovskoye well 109, the next well in the drilling sequence, is currently drilling ahead.
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 has increased to over 2,700 bopd with the addition of the Arbuzovskoye No. 102 well.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“We are delighted with the outstanding production rate of over 500 bopd from well 102. This is well above our target rate for these wells and further confirms the excellent continuity and good reservoir properties in the eastern portion of the field. While there may be some variation in results, we look forward to the additional wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows.”
