PetroNeft records above average results at Russian well

PetroNeft Resources announced on Tuesday that log and core data collected from drilling at its S-375 project showed the delineation contained 4.8m and 14.8m respectively of net oil pay.

The objective of the deviated well was to determine the sand distribution and confirm the oil water contact at the southern edge of the field.

The well was then sidetracked from the surface casing to a location roughly 400m north of the Pad 2 surface position where log and core evaluation of the reservoir indicated 14.8m of net oil pay, almost 50% thicker than the average 10m net oil pay in the northern part of Sibkrayevskoye.

S-375s was then cased and cemented with perforation and testing of the well to be completed 30 September.

PetroNeft said reserve estimates and developmental plans for the field were being updated with drilling results in conjunction with its joint venture partner, Oil India.

Dennis Francis, chief executive officer of PetroNeft said, "We are pleased with the results of the S-375s well which confirms that Sibkrayevskoye is 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."

As of 1030 BST, shares had gained 3.15% on the day to sit at 1.83p.