PetroNeft's 2018 drilling programme commences with Siberian appraisal well

Oil and gas exploration and production company PetroNeft Resources announced plans to drill an appraisal well on its Ledovy 67 licence as part of a 2018 drilling programme released on Thursday.

The Cheremshanskoye 4 well is designed to further delineate and de-risk the Cheremshanskoye oil field in advance of development of the site and will utilise recently acquired 3D seismic capability techniques to test a large portion of the field.

The primary target is an interval of approximately 10m thickness which tested 240 bopd of light oil on natural flow at the adjacent Lomovoye well, with another interval with natural flow of 33 bopd of light oil making up the secondary target.

PetroNeft is the 50% owner and operator of the 61 and 67 lincences in the Tomsk region of Western Siberia.

Dennis Francis, chief executive of PetroNeft Resources, said: "We look forward to drilling the C-4 well which we feel has great potential as it will test multiple targets up-dip from nearby wells that have already tested oil in the same intervals. This is the first well to be drilled by the Company based on the modern 3D seismic data acquired in 2014."

Elsewhere, the AIM traded company will continue to test the S-373 and S-375 wells at its Tungolsky 67 licence, using data to plan for future development at the site.

Following "good results" from two horizontal wells at South Arbuzovskoye on the 67 licence the company is reevaluating developments in the area which it said "would monetize about 10 million bbls of 2P reserves".

As of 1530 GMT, PetroNeft Resources' shares were up 5.36% at 1.48p.