PetroNeft: Production begins on well 61 at Arbuzovskoye

PetroNeft Resources, a Russia-focused oil company, has said the the Arbuzovskoye well 109 on licence 61 has been successfully completed and put into production.

PetroNeft Resources, a Russia-focused oil company, has said the the Arbuzovskoye well 109 on licence 61 has been successfully completed and put into production.

The well is just beginning to stabilise after experiencing flow line problems caused by the very cold weather, the group said, adding that it expects the initial flow rate of 100 barrels of oil per day (bopd) to increase somewhat.

The company also said that the Arbuzovskoye well 111 is drilling ahead and group production currently stands a 2,500 bopd. However, it did warn that four production well are currently off line for remedial work on pumps. All are expected to be online by the year-end.

Dennis Francis, Chief Executive Officer of PetroNeft Resources said: "While well 109 is very economic at this initial flow rate we do expect the rate will improve somewhat as we optimise the well. Importantly, the well is producing 100% oil with no water so we are continuing to confirm our understanding of the size of the field.

"While some operational challenges and variation in results should always be expected, we look forward to completing further wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows."

NR

Recommended

A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.3%, but can you trust it to deliver?
Share tips

Persimmon yields 12.3%, but can you trust it to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022
Britain’s ten most-hated shares – w/e 12 August
Stocks and shares

Britain’s ten most-hated shares – w/e 12 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
16 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022