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.

Moreover, overall group production is set to increase to 2,700 bopd on the back of the improved flow rate at well 102.

Dennis Francis, the chief executive of PetroNeft Resources plc, said: “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.”

The statement says Arbuzovskoye contains 2P reserves in excess of 13m barrels of oil, according to independent reserve auditors Ryder Scott. It is the company’s second production development.

PetroNeft is headquartered in Dublin. Its main assets are based in Russia. Tom Hickey, who is the former chief financial officer of Tullow Oil, is an independent, non-executive director with the firm.

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