PetroNeft Arbuzovskoye Well Flows at 540 bopd

PetroNeft Resources announced Monday that it has successfully completed its Arbuzovskoye well 102 on its onshore License 61 in Tomsk Oblast, Russian Federation. The well has been brought into production with an initial flow rate of 540 barrels of oil per day (bopd).

PetroNeft said that the well's flow rate is the highest ever achieved without fracture stimulation in License 61. The well is the second of 10 planned new production wells on the Arbuzovskoye oil field.

"We are delighted with the outstanding production rate of over 500 bopd from well 102. This is well above our target rate for these wells and further confirms the excellent continuity and good reservoir properties in the eastern portion of the field," said PetroNeft CEO Dennis Francis in a statement.

Meanwhile, PetroNeft also reported, the firm's Arbuzovskoye well 109 is now being drilled. The Arbuzovskoye field contains 2P reserves in excess of 13 million barrels of oil, according to independent estimates.

PetroNeft added that total oil production, comprising both the Lineynoye and Arbuzoskoye fields has increased to over 2,700 bopd with the addition of Arbozovskoye well 102.

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