Oil firm confirms above-target flow

The oil firm PetroNeft Resources has provided an update of its operations in Russia which show that one of its wells has a flow rate of 540 barrels of oil per day (bopd).

In a trading statement released yesterday, PetroNeft said further to the operations update on Oct 11, the Arbuzovskoye well 102 successfully completed with an initial flow of 540 bopd.

According to the statement, the flow rate is the highest ever achieved without fracture stimulation in Licence 61, and production confirms good reservoir properties interpreted from log and core data.