PetroNeft Resources provided an update on its operations.
PetroNeft announces that the first of its nine planned production wells to be drilled in 2010 has been spudded at the Lineynoye oil field in License 61, approximately 3 weeks ahead of schedule.
The 2010 production drilling program will involve the drilling of 9 wells from the current location utilizing a rail-mounted production drilling rig designed to facilitate the drilling of multiple deviated wells with close spacing at the surface.
Once the first well is drilled and cased, the drilling rig will move five meters along its rails and immediately commence drilling the second well of the program. This will be repeated for the third well, after which the rig will be skidded 15 meters to drill the fourth well while a workover rig completes the first three wells and installs electric submersible pumps ("ESPs"). Thereafter a fifteen meter skid will be inserted after the fifth and seventh wells to allow pairs of wells to be completed together, thereby optimizing both the timing of wells coming on production and the size of the drilling pad.
All tubulars, supplies and consumables for the 9 well production drilling program are also on site.
First production at the Lineynoye oil field remains scheduled for the third quarter of 2010.
Construction of the 60km pipeline from Lineynoye to Kiev-Eganskoye is progressing to plan. All of the pipe has been laid out along the route and construction of the pipeline is due for completion in mid April, well within the weather window required for this work. Final hydro-pressure testing of the line is scheduled for June 2010.
Most of the equipment required for construction of field facilities at Lineynoye has been procured and mobilized to location. This process should be complete by the end of March. Construction of these facilities has commenced and is due for completion in time to commence year-round production in the third quarter of 2010. The facilities include basic oil processing, oil storage, gas powered generation and communications systems as well as improved and enlarged crew accommodation and catering facilities.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented, "Thanks to the efficient and carefully synchronized planning of our infrastructure and drilling programs and the commitment of our staff and contractors over the winter, all aspects of the Lineynoye Field development project are progressing on or ahead of schedule. Spudding of our first production well was an important milestone and boosts our confidence that we will commence year-round production in Q3 and achieve the initial target production of approximately 4,000 bopd by the end 2010."
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