🕐14.10.14 - 08:27 Uhr
PETRONEFT - TUNGOLSKOYE NO. 5 UPDATE
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14 October 2014
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Tungolskoye No.
5 update
PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in
the Tomsk Oblast, Russian Federation, is pleased to provide an update on the Tungolskoye
No.
5 ("T-5") well.
* Vertical pilot hole successfully completed
* Structural interpretation of Tungolskoye confirmed
* Open hole flow test of 100 bopd, unstimulated
* 8.2 metres of net oil pay encountered
* Horizontal section of T-5 well to commence
The vertical pilot hole of the T-5 well has been successfully drilled.
The Upper
Jurassic J1 oil reservoir horizon was intersected at -2,495.8 metres true vertical
depth subsea (TVDSS), which is approximately 11 metres high to the T-1 well to the
south.
This is consistent with expectations and confirms the structural interpretation
of Tungolskoye.
Preliminary evaluation of the logs indicates that the J1 interval
consists of at least 8.2 metres of net pay.
An open hole test was conducted over
this interval and tested at a pro-rated inflow of 100 bopd unstimulated.
The part of the well below about 800 metres will now be sealed with cement plugs
to isolate the reservoir before drilling down at a different angle to properly
position a new horizontal section.
The well will first be drilled down to a depth
of approximately -2,490 metres TVDSS and then casing will be set.
Baker Hughes will
then take over in order to drill the horizontal section in the reservoir.
The process
is expected to take approximately 3 to 4 weeks, after which the horizontal section
of the well will be tested.
Arbuzovskoye
The Arbuzovskoye 106 well is drilling ahead at more than 2,000 metres depth and
is expected to be completed later this month.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
"We are pleased with the results of the T-5 well so far and the flow rate achieved.
The well has confirmed both the structural interpretation as well as a good reservoir
interval and initial test.
We look forward to completing our first horizontal well
at Licence 61 and continuing our ongoing production drilling work at Arbuzovskoye."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources plc
+353 1 443 3720
Paul Dowling, CFO, PetroNeft Resources plc
+353 1 443 3720
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
+353 1 679 6363
Henry Fitzgerald-OConnor, Canaccord Genuity Limited (Joint Broker)
+44 207 523 8000
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson
+44 207 638 9571
Joe Murray/Joe Heron, Murray Consultants
+353 1 498 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 35 years experience in oil and gas exploration and development.
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