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Petroneft drills its 2nd Siberian well

Thursday, October 11 10:33:44

Irish-based, Siberia-focussed energy prospector, Petroneft, today said that it has drilled the second of a planned ten-well programme, completing drilling on its Arbuzovskoye well 102.

Production casing is currently being run and cemented in the well following which the main drilling rig will then be moved to start drilling the 109 well which is the next well in the drilling sequence. A workover rig will be used to do the 102 completion and bring the well into production, it said.

Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according to independent reserve auditors Ryder Scott and is the Company's second production development.

Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields, remains stable above 2,200 bopd, Petroneft said.

"We are delighted to have now confirmed the presence of the J1-1 reservoir in the eastern portion of the Arbuzovskoye field. Based on the log evaluation we believe this well to be similar to the other two wells on the field. We expect to bring the well into production within the next couple of weeks at which stage we will update shareholders again," said Dennis Francis, Chief Executive Officer of PetroNeft Resources plc.