Tungolskoye No. 4 is part of PetroNeft's three-well drilling program and related field development for 2006/2007 in the Lineynoye and Tungolskoye oil fields, which were originally found by a Soviet exploration company in the early 1970s. The current appraisal drilling program, which comprises two wells, is designed to confirm the reservoir data of the 1970s discovery wells and provide further input into a Final Development Feasibility Study, expected to be completed in the 3rd/4th quarter of 2007. The results of the high-value exploration well, Lineynoye No. 7, will also be incorporated into the Final Development Feasibility Study.
Lineynoye No. 6 Well
The Lineynoye No. 6 well on License 61 was spudded on March 4, 2007. Results of the initial petrophysical analysis were released on April 24, 2007, where oil was confirmed in the Upper Jurassic J1 sandstone reservoir interval in two stratigraphic units. Flow testing of this well is currently in progress and results will be published as soon as they are available (potentially within the next couple of weeks).
Lineynoye West Prospect. Lineynoye No. 7 Well
West Lineynoye, a high impact prospect, is estimated by Ryder Scott to contain Possible Reserves of approximately 67 million barrels of oil. A third rig which was mobilized to the site for this well is currently being assembled and is now expected to commence drilling in June. The principal target horizons for this well are again the Upper Jurassic sandstone reservoirs starting at a depth of 2,375 meters. The total planned depth for the well is approximately 2,750 meters and it is anticipated that the well will also be drilled, logged and tested within approximately 70 days of commencement.
Pipeline Design, Survey and Approvals Contract
On May 7, 2007, PetroNeft entered into a contract with "ETC Service" LLC for the design, survey and approval of an export pipeline from the Lineynoye and Tungolskoye fields to the Transneft pipeline at the Raskino pumping station. The contract also includes the design and approvals for the custody transfer point at the Transneft regional pipeline tie-in point. The award of this contract is a critical step in the ultimate development and commercialization process in respect of current and potential future discoveries on License 61. PetroNeft is committed to an early production date to provide positive cashflow and add value to shareholders.
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