PetroNeft Makes Headway at Russian Licenses

PetroNeft, the owner and operator of Licenses 61 and 67, Tomsk Oblast, Russian Federation, announced an update on its operations.

Highlights:

  • 10 well hydraulic fracturing program completed
    • Wells now being brought back online and cleaning-up
    • Initial results encouraging
  • Additional five well hydraulic fracturing program planned on Pads 1 and 2 in January / February 2012
  • Cheremshanskaya No. 3 well testing progressing successfully
    • Lower Jurassic J14 interval achieves natural flow
    • Primary Upper Jurassic J1-3 interval may contain 7.0 meters of net oil pay
  • Arbuzovskoye Development Program Approved by Russian Government
  • Ledovoye exploration well spudded on 5 December

License 61 - Lineynoye Hydraulic fracturing program

In November 2011 we carried out a hydraulic fracturing program using a heli-frac crew on 10 new production wells on Pad 2 at the Lineynoye oil field. The fracture stimulation program went according to schedule and wells are currently being brought into production. Initial indications are encouraging, however, it will take several more weeks to bring all of the wells online and allow them to clean up and achieve a sustainable rate.

Five additional wells, two on Pad 2 and three on Pad 1, will be fracture stimulated during January and February 2012 when a frac crew can mobilized to the field by winter road.

Current field production is about 2,500 bopd. Assuming the wells already brought back online maintain the expected rate of post-frac clean up achieved and the remaining wells come on at anticipated rates, production is expected to reach the guided target of 4,000 to 5,000 bopd by the end of 1Q 2012.

License 61 - Arbuzovskoye Pilot Development Program

The Pilot Production Design for the Arbuzovskoye oil field was approved by the Russian State Central Development Committee in November 2011. Procurement of the long lead items to construct a 10 km pipeline from the Lineynoye facilities to Arbuzovskoye and drill up to 14 new production wells in 2012 is already underway and pipeline production is expected to commence in 2H 2012. Arbuzovskoye contains 2P reserves of 13.2m barrels of oil according to independent reserve auditors Ryder Scott.

License 67 - Cheremshanskaya No. 3 well

Testing of the Lower Jurassic J14 interval which contains 8.6 meters of net pay has been completed. The well flowed naturally to the surface at a rate of 6 m3/d (38 bfpd), consisting of a light, high quality, low viscosity oil with an API gravity of 50 degrees, gas and water. This is understood to be the first natural flow ever achieved from this Lower Jurassic interval in the Tomsk Oblast. Sustained production has been achieved from this interval in other fields in this region following fracture stimulation.

The next phase of testing will focus on the primary Upper Jurassic J1-3 interval. The initial log interpretation indicated this interval to be water bearing, however, additional log and core interpretation indicates that it may contain up to 7.0 meters of net oil pay. The plan is to isolate the interval from the rest of the Upper Jurassic interval (J1-1 and J1-2) which have been interpreted to be oil bearing, and to get an independent test of the true saturation of this J1-3 interval.

License 67 - Ledovaya No. 2a well

The 2a well was spudded on December 5, 2011. The well is targeting oil in both the Lower Cretaceous and Upper Jurassic intervals. It is expected that the well will take approximately four to six weeks to drill to the target depth.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented, "We are pleased that the 10-well heli-frac operation at Pad 2 on the Lineynoye oil field has been completed and that all wells brought online so far are successfully producing oil while continuing to clean-up with encouraging initial indications. This, combined with the approval of the Arbuzovskoye Pilot Production Project, will ensure the continuation of our production growth in 2012 and beyond.

We are also delighted that testing of Cheremshanskaya has demonstrated the first natural flow of light oil ever recorded in the Lower Jurassic interval in the Tomsk Oblast. The focus of the testing program now moves to the Upper Jurassic J1-3 interval where additional studies indicate that the interval may also be oil bearing."

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