February 4, 2012
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Home / Issue Archive / 2011 / July - August #7 / PetroNeft Announces Discovery of New Oil Field in Russia

№ 7 (July - August 2011)

PetroNeft Announces Discovery of New Oil Field in Russia

PetroNeft Resources plc (AIM: PTR), the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, has discovered another new oil field in Licence 61 at North Varyakhskaya, the company reported in a news release.

By Petroneft

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North Varyakhskaya No. 1

The North Varyakhskaya No. 1 well at the North Varyakhskaya prospect located 6 km to the east of the Lineynoye Central Processing Facility was spudded on 17 August 2011. The well, which was drilled on the crest of the structure, has encountered approximately 2.2 metres of net oil pay in the J1-1 reservoir interval in a gross sand package of over 5 metres. There is also an additional 2.5 metres of potential oil pay in the J1-2 reservoir interval that will require more detailed logging and testing to confirm. A short open hole test of the J1-1 interval produced an inflow of 36 bfpd consisting of oil and mud filtrate. The oil is of good quality, 36 degree API, which is consistent with other oil fields in the Licence area. This preliminary test indicates that the reservoir will need fracture stimulation for economic development, as is usual in the area.

The field is located along the Lineynoye to Arbuzovskoye pipeline which is planned for construction in the first quarter of 2012, which will reduce development cost. Casing is currently being run in the well which will eventually be utilised as a producer. The field will also qualify for the maximum MET tax relief based on the new MET tax reduction law for small fields that becomes effective on January 1, 2012.

Licence 61 Development programme

Two further successful development wells have been drilled from Pad 2 at the Lineynoye oil field. Well 209 encountered 9.6 metres of net pay. This well was the most northerly well drilled to date at approximately 500 metres further north than the 207 well that was drilled in early August 2011. Both wells were drilled at locations that had originally been interpreted to be outside the boundaries of the oil field and initially projected to have zero net pay. Given the successful results from the 207 and 209 wells we then added another location, well 211, to the northeast of well 207, again outside the original field boundaries. The 211 well encountered 17.9 metres of net pay, the second thickest net pay interval to date in the drilling programme. We are studying the possibility of adding one well (No. 212) to this year’s programme at Pad 2 to enable us to drill the reservoir to the northeast of these two latest wells. In the meantime, we are currently drilling the 210 well which is located nearer the centre of the Pad 2 area.

The Pad 2 drilling results indicate that the field wide oil water contact (owc) is at least 5 metres deeper on the structure than previously interpreted. The owc is about 12 metres lower than the interpreted structural spill point on the northern end of the field providing good evidence that the Lineynoye field extends much further north than previously estimated and possibly connecting the structures of the Emtorskaya high to Lineynoye.

Licence 67 Exploration programme

Exploration at Licence 67 commenced on 28 August 2011 when the high impact Cheremshanskaya No. 3 well was spudded. The well is targeting objectives at the Upper, Middle and Lower Jurassic horizons following up on previously drilled wells where modern log analysis indicates potential “missed pay”. The well is currently coring in the uppermost target horizon and hydrocarbon shows have been encountered. The well will take up to two months to complete drilling and testing of the three target objectives. Further updates will be provided as operations progress.
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