PetroNeft Brings Tungolskoye's T-503 Well in Western Siberia Online

PetroNeft has commenced oil production from Tungolskoye’s T-503 well, which is located in License 61 in Western Siberia.

The well was brought online on July 14, 2015 and its average flow rate over the last five days has been over 550 barrels of oil per day, according to the company. PetroNeft stated in a press release that “higher oil rates should be possible once the well has fully cleaned up completion and drilling fluids” and claimed that the latest test rate at T-503, conducted on July 21, 2015, was 675 bopd.

PetroNeft has also revealed that early work on the processing and interpretation of new 621 mile 2D seismic data, acquired in the northern part of License 61, indicate that the Sibkrayevskoye oil field is “significantly larger than currently mapped and extends to the southeast, including the East Sibkrayevskaya lead under one overall closed structure”. A reserve update is expected to be released at the end of the year incorporating new seismic and well data.

Dennis Francis, chief executive officer of PetroNeft Resources, commented in a company statement:

"We are very pleased with the T-503 well result, which clearly demonstrates the potential for materially enhanced flow rates to be achieved from horizontal production wells. While the well is still cleaning up, initial indications of its productivity are very good…While our near term focus remains on production growth, we are also very encouraged by the potential significant reserve upside at Sibkrayevskoye, which is already our largest field at around 50 million barrels (gross). We look forward to deepening our understanding of this field over the coming months."

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