Petroneft Resources Plc Provides an Update on Operations at Licence 61
Feb 3 15
Petroneft Resources Plc provided an update on operations at Licence 61. The horizontal segment of the Tungolskoye No. 5 well has been drilled and completed in the J1-1 and J1-2 Upper Jurassic intervals. The total horizontal segment was just over 350 metres of which over 80% was located in the productive J1-1 and J1-2 reservoirs at depths between -2,502 m and -2,517 m TVD. The well is still cleaning up and current production is 604 bopd using an Electric Submersible Pump (ESP). The oil is currently being trucked 25 km to the Lineynoye central processing facility. The Arbuzovskoye 103 well has been completed and brought into production at an initial rate of 125 bopd. The well was drilled as the maximum reach step out to the south to better define the oil water contact and productivity. The well encountered 5.0 m of oil saturated pay in the J1-1 Upper Jurassic interval at a depth of -2,460 m TVD and confirms oil in the southern lobe of the Arbuzovskoye field. Current plans are to develop the southern portion of the field with a combination of horizontal and vertical wells commencing in 2016. The Arbuzovskoye 104 well has now been drilled in the northern part of the field adjacent to the A-106 well. The logs indicate that the well has 5.4 m of net oil pay in the J1-1 Upper Jurassic interval at a depth of -2,467 m TVD and looks similar to the adjacent A-106 well which is currently producing about 175 bopd. The company is currently completing the A-104 well and anticipate bringing it on production within a week. The Arbuzovskoye 107 was spudded on 1 February 2015 and is expected to take approximately four weeks to drill. It is located north-west of the A-103 well. The drilling rig for the Sibkrayevskoye No. 373 well is currently being erected. It is expected that drilling will commence later this month. Work is well underway on the programme to acquire 1,000 km of high quality 2D seismic data across the Sibkrayevskoye oil field and other fields and prospects in the northern portion of Licence 61.
PetroNeft Provides an Updates on the Tungolskoye No. 5 Well
Oct 14 14
PetroNeft provided an update on the Tungolskoye No. 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.
PetroNeft Resources plc Announces Unaudited Consolidated Earnings and Production Results for the Six Months Ended June 30, 2014
Sep 26 14
PetroNeft Resources plc announced unaudited consolidated earnings and production results for the six months ended June 30, 2014. For the period, the company reported revenue of USD 17,527,910 against USD 18,624,293 a year ago. Operating loss was USD 1,038,941 against USD 7,852,095 a year ago. Loss for the period for continuing operations before taxation was USD 2,709,230 against USD 9,721,822 a year ago. Loss for the period attributable to equity holders of the parent was USD 2,728,794 or 0.39 cent per basic and diluted share against USD 10,593,368 or 1.64 cent per basic and diluted share a year ago. Net cash flows received from operating activities was USD 125,294 against USD 3,143,193 a year ago. Purchase of oil and gas properties was USD 5,406 against USD 2,670,631 a year ago. Purchase of property, plant and equipment was USD 31,452 against USD 90,317 a year ago. Capital expenditure in the period was USD 3,002,029 against USD 3,137,110 a year ago.
For the six months to June 30, 2014, the company reported production of averaged 2,163 bopd, a 12% decrease compared to 2,464 bopd for the same period in 2013. The decrease was as a result of natural decline and the fact that no new production wells have been drilled since February 2013. The company sold 391,379 barrels of oil in the six months to 30 June 2014 compared to 438,350 bbls a year ago and achieved an average oil price of USD 44.79 compared to USD 42.48 a year ago.