Petroneft has discovered a new oil deposit at its licence in Russia, the company said today.
The Arbuzovskaya number 1 well was discovered oil in the main Upper Jurassic target and encountered about 5 metres of net oil pay.
“This is an especially important discovery, because of the good flow rate it confirms the wider prospectivity of a number of additional structures east of the existing producing Lineynoye oil field which can be easily tied in to the central processing facilities and pipeline at Lineynoye,” said chief executive Dennis Francis.
The well will now be drilled to about 2,900 metres and should be completed by the end of the month.
