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PetroNeft Resources shares boosted by latest well results

“The test data confirms Cheremshanskoye as a significant oil discovery within Licence 67 with good reservoir properties and excellent flow rates.”
oil and gas operations
The C-4 well should produce 450 bopd, according to PetroNeft

PetroNeft Resources Plc (LON:PTR) shares advanced in Thursday’s early deals after the company updated on its well operations at its projects in Russia’s Tomsk Oblast.

The oil firm told investors that it testing of the J1-1 and J1-3 intervals in the Cheremshanskoye No.4 (C-4) well, at Licence 67, had confirmed excellent results.

It said that well productivity tests indicate that the combined intervals should achieve 450 barrels of oil per day.

READ: Thursday’s stock market movers

Success with the C-4 well proves up the northern half of the Cheremshanskoye field, the company added. Moreover, the company expects the result may increase gross reserves by 40mln barrels.

C-4 was the first well drilled based on 3D seismic data acquired in 2014. It is located about 5 kilometres from two prior wells.

"We are very pleased to report that extensive cased-hole testing of the C-4 well has confirmed and upgraded the encouraging initial short-term open-hole test results,” said Dennis Francis, Petroneft chief executive.

“The test data confirms Cheremshanskoye as a significant oil discovery within Licence 67 with good reservoir properties and excellent flow rates.”

He added: “The good result of the C-4 well clearly expands the Company's options for returning value to shareholders." 

Francis noted that earlier this year it engaged financial advisers in Russia to test the market and gauge appetite for a potential sale of Licence 61, it has seen a high level of early interest from a range of well-financed industry players, and, success with C-4 could now see similar interest in Licence 67.

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