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Petroneft lift production with new well

Tuesday, September 25 12:03:42

Irish-based, Russian-focussed oil and gas explorer, Petroneft, today said its total oil production has increased to about 2,300 bopd 9barrels of oil per day0 with the addition of its Arbuzovskoye No. 101 well.

The Arbuzovskoye well 101, the first of ten planned new production wells on the Arbuzovskoye oil field, has been successfully completed and brought into production at a stable rate of 310 bopd with less than 3pc water cut, it said.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented: "We are delighted with the excellent production rate of 310 bopd from well 101. This is well above our target rate for these wells and confirms excellent continuity of the J1-1 reservoir from Arbuzovskaya No. 1 to well 101. We look forward to the additional Arbuzovskoye wells over the coming months as we increase our production profile and cash flows."