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PetroNeft Resources

  • 17-08-2012 10:41am
    #1
    AP_MAN
    Registered Users, Registered Users 2 Posts: 139 ✭✭


    took a position when they annouced "commenced drilling of the first of 10 planned new production wells at Arbuzovskoye where our existing well has demonstrated very encouraging production characteristics"


    study rise since then, DYOR



    full RNS is below...



    Highlights:

    · Drilling of new production wells commences at Arbuzovskoye
    · Two Lineynoye wells converted to water injectors for planned pressure support
    · Production stable at 2,000 bopd
    · Benefit of pressure support and new production wells anticipated over coming months

    Licence 61 - Arbuzovskoye Pilot Development Programme
    Drilling of the first of ten new production wells on the Arbuzovskoye oil field has commenced and is expected to come into production in September 2012. The drilling rig and necessary supplies to drill ten wells were moved to location during Q1 when winter roads were in place to handle the heavy loads.

    The Arbuzovskoye No. 1 well is currently producing 300 bopd (with negligible water production) through the recently constructed 10 km spur pipeline to the Lineynoye oil processing facilities. This rate is currently constrained by an electrical fault with the pump that is preventing it from operating at its optimum rate. The pump will be replaced in due course.

    Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according to independent reserve auditors Ryder Scott and is the Company's second production development.

    Licence 61 - Production
    Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields, is currently steady at about 2,000 bopd. In July 2012, two Lineynoye producing wells were converted as planned into water injection wells to provide pressure support in the reservoir; we expect to recover the production lost from these two wells through improved rates in nearby producing wells over the coming months.

    Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
    "We are delighted to have commenced drilling of the first of 10 planned new production wells at Arbuzovskoye where our existing well has demonstrated very encouraging production characteristics. We will focus on developing Arbuzovskoye and seek to steadily build on our existing production profile and positive cashflows throughout the remainder of the year."


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