PetroNeft, owner and operator of Licenses 61 and 67, Tomsk Oblast, Russian Federation, provided an update on its operations.
Drilling of the first three of nine production wells at the Lineynoye oil field planned for 2010 have now been completed ahead of schedule.
The wells penetrated the top of the reservoir 5 to 8 meters higher than prognosis. The field wide oil-down-to in the reservoir is at 2,430 meters true vertical depth which is well below the oil-down-to in any of the production wells drilled thus far. This relationship will help the future production performance of the wells.
Production casing has been run in the wells and successfully cemented. The drilling rig has been moved along its rails and the fourth well, No. 113, has been spudded. A work-over rig has begun the process of perforating and installing electrical submersible pumps in wells 109, 110 and 112. Well No. 111 will be the final well drilled in the 2010 programme as an operational decision was made to re-order the drilling of wells.
Construction of the 60km export pipeline from the Lineynoye field to the Kiev-Eganskoye field is complete. The pressure and hydro testing of the pipeline will commence later this month following which the pipeline will be ready to receive first oil production on schedule in the third quarter of 2010.
Construction of production facilities continues and is on schedule to be completed for first oil production in the third quarter of 2010.
Arbuzovskaya Exploration Well
Rig-up operations for the Arbuzovskaya exploration well are over 80% complete and drilling is scheduled to commence in October after the nine well production drilling programme has been completed. This is the first of at least three exploration/delineation wells to be drilled in the northern part of Licence 61 in 2010 and 2011. This programme has the potential to materially increase both Group reserves and the long term production potential of Licence 61.
Dennis Francis, Chief Executive Officer of PetroNeft, commented, "The drilling of our production wells remains ahead of schedule and we are delighted with the well results to date. Pipeline testing is due to commence in the coming weeks and construction of production facilities continues at pace. We look forward to achieving first production in the third quarter and our year-end production target of 4,000 bopd."
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