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Petroneft announces above target flow rates from Russian well

By BFN News | 12:57 PM | Monday 24 September, 2012


Oil firm PetroNeft Resources (LON: PTR), which owns and operates Licences 61 and 67, Tomsk Oblast, Russian Federation, has updated the market on the flow rate achieved from Arbuzovskoye well 101. 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 barrels of oil per day (bopd) with less than 3% water cut. Arbuzovskoye well 102, the next well in the drilling sequence, is currently drilling ahead. Arbuzovskoye contains proved and probable 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 has increased to about 2,300 bopd with the addition of the Arbuzovskoye No. 101 well. 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." At 12:57pm: (LON:PTR) share price was +0.88p at 8.13p Story provided by StockMarketWire.com

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