PetroNeft Resources production commences at the Cheremshanskoye field on Licence 6

PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61, has announced the following operational news.

Highlights

o Production commenced from the Cheremshanskoye field on Licence 67.

o Current production over 240 bopd.

Production has commenced from the C-4 well on the Cheremshanskoye field. The well has been flowing naturally with production building as the choke size has been gradually increased from 2 mm to 8 mm. The current flow rate is 243 bopd.

The forward plan is to closely monitor reservoir performance and at an appropriate time install a pump to maximise production and further increase revenue.

The C-4 well, which is located on the northern margin of the Cheremshanskoye field, was drilled during 2018 and tested oil at a combined 179 bopd from Upper Jurassic J1-1 and J1-3 clastic reservoirs from 2,630.8 m-2,633.8 m and 2,644 m-2,655 m.

The well was successfully re-entered in Q1 2020 to perform an extended well test. During this test, the well flowed at various choke sizes from the same Upper Jurassic J1-1 & J1-3 clastic reservoirs and flowed naturally at up to a maximum 476 bopd on a 10mm choke size.

The Cheremshanskoye field reserves are 19.26 mmbbls C1+C2 which were approved by GKZ  (Russian State Reserves Committee) January 2019.

The Company recently increased its interest in Licence 67 from 50% to 90%.

David Sturt, CEO PetroNeft Resources commented:

“Particularly as it closely follows the increase in our equity stake to 90 percent, we are delighted with the news from Cheremshanskoye. Early results from the initial well suggest that this well will perform at or above our expectations. This is a major achievement for the company bringing the Cheremshanskoye field in to production. We are particularly proud that our team in Tomsk has been able to achieve this during a particularly harsh winter season when temperatures have at times been below minus 50º C. 

There is considerable potential to increase value through development of this field due to the size of the structure, proximity to good infrastructure and the field being eligible for a reduction in the production tax.

We are looking forward to providing further updates.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn

More articles like this

PetroNeft Resources appoint Pavel Tetyakov as CEO

PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, has announced the following

Oil prices hit multi-year highs

Benchmark Brent crude oil prices climbed close to $120 a barrel on Thursday, with Russian oil exports disrupted as traders try to avoid becoming entangled in sanctions.Support also came from U.S. crude stockpiles at multi-year lows,

Oil prices rise slightly

Oil prices rose slightly on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel. Brent crude futures rose 25 cents,

Oil hits 7-yr highs

Oil prices surged over 2% on Monday to their highest in more than seven years as Ukraine’s president declared a “day of unity” for Feb. 16, a date that some Western media have cited as a

Are oil prices heading back above $100 a barrel?

The price of West Texas Intermediate (WTI) opened 2022 at about $75 a barrel (bbl). Last week, the price rose above $90/bbl for the first time since 2014. That was also the last year the price

Oil rises on geopolitical risks

Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year. Brent crude had risen 66

Oil prices rise today

Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to

PetroNeft Resources finance update

PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61 has provided

Oil prices soar to 2-month highs

Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant. Federal Reserve Chairman Jerome Powell said on Tuesday the economy of the

PetroNeft Resources provides financing update

PetroNeft Resources plc (LON:PTR) an oil and gas exploration and production company, operating in the Tomsk Oblast, Russian Federation and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, has

Oil ends up at $80/bbl

Global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have

Oil prices steady

Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron

Oil edges up on consumer demand

Oil prices edged higher on Wednesday, rebounding from early losses after U.S. inventory data showed strong consumer demand and as the Federal Reserve said it would end its pandemic-era bond purchases in March to slow rising