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Petroneft Resources begins oil production at Russian well

By BFN News | 12:58 PM | Tuesday 18 December, 2012

PetroNeft Resources has reported that its Arbuzovskoye well 111 in Russia has been successfully completed and put into production. There has been an initial oil flow rate of 150 barrels per day (bopd). It is now drilling well 112 targeting the eastern side of field. Dennis Francis, Chief Executive Officer of PetroNeft Resources, commented: "We are pleased with the initial flow rate on well 111 and the fact that there is no water production associated with the well. We continue to expand our understanding of the field and are now drilling well 112 on the eastern side of the field where we have seen the highest flow rates to date. "The operational challenges and variation in results are as expected. We look forward to completing further wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows." At 12:58pm: (LON:PTR) share price was +0.01p at 5.13p Story provided by

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