Petroneft Resources PLC Update on 2018 Work Programme (5232I)
March 22 2018 - 3:00AM
UK Regulatory
TIDMPTR
RNS Number : 5232I
Petroneft Resources PLC
22 March 2018
PetroNeft Resources plc
22 March 2018
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Update on 2018 Work Programme
PetroNeft (AIM: PTR) an oil and 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 announce the
details of its 2018 work program.
Highlights
-- Drilling of the Cheremshanskoye No. 4 (C-4) Appraisal Well in Licence 67.
-- Continued testing at Sibkrayevskoye in Licence 61.
-- Studies for West Lineynoye L-8 Lobe Development in Licence 61.
Licence 67
A delineation well will be drilled at the Cheremshanskoye oil
field in Licence 67. The C-4 well is designed to further delineate
and de-risk the Cheremshanskoye field in advance of field
development. Three prior wells have been drilled on the field, most
recently in 2011 by PetroNeft and oil has been identified and
tested in 4 different intervals in the field: the Lower Jurassic
J-14 and J-13 intervals and the Upper Jurassic J1-1 and J1-3
intervals. These initial wells were drilled without the benefit of
modern 3D seismic data which was acquired in 2014. The C-4 well is
designed to test a large portion of the field which is structurally
higher than the previous wells based on this recently acquired 3D
seismic data.
The primary reservoir target is the J1-3 interval which is
approximately 10 m in thickness throughout the region and is the
primary reservoir at the adjacent producing Lomovoye field operated
by TomskNeft. The J1-3 interval tested 240 bopd of light oil
(40degAPI) on natural flow in the adjacent Lomovoye No. 208
well.
The secondary reservoir target is the J14 interval which had a
natural flow of 33 bopd of light oil (49degAPI) from 6.5 m of net
pay in the 2011 Cheremshanskoye No. 3 well. The current Russian
State (GKZ) registered reserves for this interval are about 16
million bbls gross recoverable C1+C2 reserves.
Tomsk Geophysical Company estimates the Russian C3 gross
reserves for all 4 intervals at about 75 million bbls recoverable
for the field, based on the 3D seismic and log evaluation of the
existing wells.
Based on the results of a competitive tender the drilling
contract was awarded to SSK Drilling, a large drilling contractor
with operations throughout Russia. The drilling rig and necessary
supplies will be mobilised to the location this winter while winter
roads are in place and the well will be drilled this summer. The
well is being drilled under the joint venture agreement with our
partner for Licence 67, Arawak Energy on a 50:50 basis. PetroNeft's
proportion of the well costs will be funded from existing
resources.
Licence 61
We will continue to test the S-373 and S-375s wells for the
remainder of the 2018 winter season. This data will then be used to
plan for future development at Sibkrayevskoye which requires a 26
km pipeline back to the Lineynoye Central Processing Unit.
We are also re-evaluating the development of the West Lineynoye
L-8 Lobe. This is based on the good results from the 2 horizontal
wells at South Arbuzovskoye in 2016 where we have similar thin pays
with good reservoir properties in the continuous J1-1 interval. We
also have existing infrastructure which ties the L-8 Lobe to the
Central Processing Unit at Lineynoye. This development would
monetize about 10 million bbls of 2P reserves.
Dennis Francis, Chief Executive Officer of PetroNeft Resources
plc, commented:
"We look forward to drilling the C-4 well which we feel has
great potential as it will test multiple targets up-dip from nearby
wells that have already tested oil in the same intervals. This is
the first well to be drilled by the Company based on the modern 3D
seismic data acquired in 2014."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +1 713 988
plc 2500
Paul Dowling, CFO, PetroNeft Resources +353 1 647
plc 0280
John Frain/Brian Garrahy, Davy (NOMAD +353 1 679
and Joint Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord +44 207
Genuity Limited (Joint Broker) 523 8000
Joe Heron / Douglas Keatinge, Murray +353 1 498
Consultants 0300
The information contained in this announcement has been reviewed
and verified by Mr. Dennis Francis, Director and Chief Executive
Officer 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. Francis holds a B.S. Degree in
Geophysical Engineering and a M.S. Degree in Geology from the
Colorado School of Mines. He has also graduated from the Harvard
University Program for Management Development. He is a member of
the American Association of Petroleum Geologists and the Society of
Exploration Geophysicists. He has over 40 years' experience in oil
and gas exploration and development.
End
This information is provided by RNS
The company news service from the London Stock Exchange
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