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PetroNeft Resources completes Cheremshanskoye road ahead of schedule; 'good performance' at C-4 well
StockMarketWire.com
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Russia-focused oil and gas company PetroNeft Resources has reported that the 6.5km Cheremshanskoye road has been completed ahead of schedule and within budget, and that it was already being used to export oil from the C-4 well.
The company said that the well is 'flowing naturally' at approximately 300 bopd without any decline and that more than 16,000 bbls of oil has been produced to date.
It added: 'Due to the strong performance of the well we are looking at options to further increase production from the well.'
PetroNeft Resources also announced that it is finalising its preparations to re-enter the L-2a well on the Ledovoye field, with operations to start imminently and initial results expected by the end of the second quarter.
Chief executive David Sturt said: 'The success at Cheremshanskoye will provide a basis for a year-round production boost and the favourable tax position means that this additional production will deliver excellent returns.'
At 2:59pm: (LON:PTR) Petroneft Resources PLC share price was 0p at 0.55p
Story provided by StockMarketWire.com
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