PetroNeft increases Tomsk Oblast activity

PetroNeft Resources PLC has increased production from well C-4 in Cheremshanskoye field, and workover operations have concluded at well L-2a in Ledovoye field, both at license 67 in the Tomsk Oblast, Russian Federation.

Production from C-4 increased from to 320 b/d from 300 b/d by raising the choke size to 10 mm. The well is on the northern margin of Cheremshanskoye field and is producing from upper Jurassic J1-1 and J1-3 clastic reservoirs.

The well produced more than 27,000 bbl from February through May. Production in May was more than 9,000 bbl. Oil produced from this field benefits from a partial exemption of the Mineral Extraction Tax, estimated to be over $4/bbl in May.

Forward plans are to continue monitoring reservoir performance and install a pump to optimize production at an appropriate time.

Cheremshanskoye reserves are 19.26 million bbl C1+C2, approved by GKZ (Russian State Reserves Committee) in January 2019.

L-2a was successfully reentered in June and a liner cemented in place. Upper Jurassic J1-1 and J1-2 intervals were perforated from 2,645.5 m to 2,627.5 m and 2,630 m to 2,632 m. During several swabbing cycles the well started to flow a mixture of oil and water. A total of about 132 bbl of oil was recovered with 33° API gravity along with 306 bbl of water from four swab cycles. Inflow from the formation was 100-300 b/d.

The high water content precludes oil from being produced at this field as there is no separation on site. The well is suspended until separation equipment can be installed.

PetroNeft is operator in the Tomsk Oblast. The company recently increased its interest in the license to 90% from 50%.