Increase in Reserves for Licence 67 Following Drilling Success

Source: www.gulfoilandgas.com 4/24/2019, Location: Asia

AIM-listed PetroNeft Resources, an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 (the remaining 50% held by Arawak Energy), has announced an update in relation to reserves at its Licence 67.

Highlights
New reserves approved for Licence 67, Cheremshanskoye field.
Approx. 19.26 mmbbls of C1 + C2 reserves (gross) for the Jurassic Reservoirs.
Currently examining development options for Licence 67.
Material additional exploration potential of the overlying Cretaceous section being studied.

Reserve Boost
Following on from the successful drilling on Licence 67 of the C-4 appraisal well on the northern part of the Cheremshanskoye field, PetroNeft has received approval from the State Reserves committee (GKZ) for C1 + C2 reserves of 2.5 Mtons (this is approx. equal to 2P reserves of 19.26 mmbbls). The reserves approved are in the Upper Jurassic (J1) and Lower Jurassic (J14) intervals.

PetroNeft’s internal assessment of the field further indicates potential for reserves to more than double in the future, as the current reserves do not reflect the full potential for the Jurassic intervals within this large four-way dip closed structure which extends over 46 sq km.

The Company is also evaluating the prospectivity in the overlying Cretaceous play within the Cheremshanskoye and Ledovoye fields. Historically the Cretaceous play has been difficult to target due to siting wells on 2D seismic data. Both the Cheremshanskoye and Ledovoye fields are covered with high quality 3D seismic data which the Company believes could be the key to unlocking the full potential of this exciting additional play.

David Sturt, the Company’s Chief Executive Officer ('CEO').
'This is a great step forward for the company following the drilling of the successful C-4 well in 2018. Now that we have reserves independently approved, we can start evaluating development options for the field with our partner.
We are very excited about the ultimate potential of this field as we now have oil proven at both ends of this substantial structure. In addition to the reserves which are now proven in the Jurassic sands, we are also very encouraged about the potential within the Cretaceous interval where oil was identified in the C-4 well but could not be tested for operational reasons.'


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