PetroNeft Confirms Production Flow at S-373 Appraisal Well

Junior energy company PetroNeft announced Friday that the Sibkrayevskoye No. 373 appraisal well at License 61 in Russia is flowing at a production rate of 100 barrels of oil per day.

The firm stated that the current flow rate would be considerably higher with a pump and data over the primary J1 sandstone reservoir interval at the site indicated a net oil play figure of 11.5 million. The Sibkrayevskoye No. 373 appraisal well was designed as a follow up to the S-372 discovery well which was drilled in 2011.

Prior to the S-373 well Ryder Scott estimated the 2P reserves at over 50 million barrels of oil, making this the largest oil field discovered on License Block 61. Current gross production at Licence 61 is approximately 1,950 barrels of oil per day.

PetroNeft Resources CEO Dennis Francis commented in a company statement:

"We are very pleased with the S-373 well results. We have confirmed good continuity of the main reservoir interval and an encouraging unstimulated oil production rate of 100 bopd with natural flow. Flow from the well with a pump would be a multiple of this level. Based on the well results and an initial review of the new seismic data it is likely that the field will ultimately prove to be larger than the currently estimated 50 million barrels 2P."



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