PetroNeft completes drilling of well at Russian oil field

Test confirms that Sibkrayevskoye is a large oil field

Oil and gas exploration and production company PetroNeft Resources said on Tuesday it had completed drilling of the S-375 well at Sibkrayevskoye oil field in Russia.

The explorer, which operates in the Tomsk Oblast, Russian Federation, said the objective of the well was to determine the sand distribution and confirm the oil-water contact at the southern edge of the field.

Dennis Francis, chief executive of PetroNeft Resources, said the company was "pleased" with the results of the S-375s well, which confirmed that Sibkrayevskoye was a large oil field with better than forecast net pay thickness and quality near the Pad 2 location, which looks likely to be brought into production in the coming months.

“This strong outcome is tempered by the outcome at the initial target well, which will limit the southern extent of the field somewhat. We look forward to sharing the results of the well test and reserve update with the shareholders when available,” he said.

PetroNeft said it would expect the perforation and testing of the well to be completed by the end of September. Assuming a successful test, the company said the current plan was to produce the well on pump this winter season, along with the S-373 well, with the oil being trucked to the Lineynoye central processing facility by winter road.