Petroneft posts improved production at Russian drilling site

Petroneft Resources posted continued oil production growth at its license 61 Russian site.

Production at the site was up to 2,400 barrels per day, from 2,000 in March and 1,950 in May.

Petroneft is aiming to increase production to between 3,500 to 4,000 barrels of oil per day by the end of 2015 after it completes the drilling programme.

"Higher oil rates should be possible once the well has fully cleaned up completion and drilling fluids," the company said.
The Sibkrayevskoye field is currently processing 1,000km of 2D seismic data, which is already signalling a "larger than previous understood" field.

In terms of site development, the Tungloskoye T-51 B has been completed, while drilling is underway atr the T-508 well.

Elsewhere, no oil was found at the West Lineynoye's L-10 well from the vertical pilot hole, although horizontal drilling to intercept a nearby reservoir is underway.

As of 12:30 BST, Petroneft was trading 1.1% higher at 4.5p.