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PetroNeft Resources Provides Russia Operational Update

Source: www.gulfoilandgas.com 3/5/2008, Location: Asia

PetroNeft Resources plc, owner and operator of Licence 61, Tomsk Oblast, Russian Federation is pleased to provide this update on the progress on its 2007/08 three well drilling program and pilot production.

Highlights
Drilling has commenced on the Korchegskaya No. 1 exploration well
Preparations for drilling the Lineynoye No. 8 delineation well and the West Korchegskaya No. 1 exploration well are underway
Lineynoye No. 7 well has now commenced pilot production
Lineynoye No. 6 pilot production remains steady at 245 bopd

Update on Drilling Activities
Korchegskaya No.1 Exploration Well - Drilling has commenced on the No. 1 well on the Korchegskaya Prospect. The well was spudded on schedule on February 29, 2008. The principal target horizons for this well are Upper Jurassic sandstone reservoirs, at a depth of 2,450 metres (subsea). The total planned depth for the well is approximately 2,800 metres. It is anticipated the well will be drilled, logged and tested within approximately 65 days of commencement. Ryder Scott estimates that this prospect has potential for 36 million bbls of possible reserves (P3). If successful, Korchegskaya will be incorporated in the overall phased development for Licence 61.

Lineynoye No. 8 Delineation Well Ė The rig has been moved to site and is being assembled. It is scheduled to commence drilling in May 2008.

West Korchegskaya No. 1 Exploration Well Ė The rig is being moved to site and it is anticipated that drilling will commence in June 2008.

Update on Production Testing
The long term test/pilot production from the Lineynoye No. 7 well commenced on 3 March and the stabilised production rate will be advised over the coming weeks. The Lineynoye No. 6 well remains in continuous production at a stabilised rate of 245 bopd. The production tests will continue as long as winter roads are in place to truck the oil. The production data will be used to design the optimum fracture geometry for future stimulation and to enhance long-term reserve recovery from the fields.

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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