PetroNeft Resources PLC, Dublin, said state approval of reserves estimates for Cheremshanskoye oil field in West Siberia allows it to evaluate development options.
The estimates follow testing of the C-4 appraisal well on License 67 in the Tomsk region (OGJ Online, Aug. 29, 2018).
Gross explored (C1) and estimated (C2) reserves total 19.26 million bbl in the Upper Jurassic J1 and Lower Jurassic J14 intervals.
PetroNeft said the estimates do not reflect full Jurassic potential of the 46-sq-km structure with four-way dip closure in the southern part of the license.
The company is assessing potential of Cretaceous strata in Cheremshanskoye and Ledovoye field in the northwestern part of the license.
PetroNeft holds 50% of the license and is operator. Private Arawak Energy holds 50%.
PetroNeft acquired the license in 2010 to develop potential bypassed in two Soviet-era wells. Its C-3 delineation well, drilled in 2011, tested oil in the J14 and J1 intervals.
It drilled the C-4 well last year after acquiring 3D seismic data over the field. In addition to flowing oil on tests of the Jurassic intervals, the well logged oil pay in the Lower Cretaceous B-18 interval, which was not tested.