Petroneft Resources said today that drilling of the first three of nine production wells at the Lineynoye oil field has been completed ahead of schedule.
The Dublin and London-listed Siberian-focused oil exploration firm said preliminary log and survey data indicate that the results of these wells are in line with expectations:
In addition to successful production testing the company said it has completed the construction of a 60km pipeline from the Lineynoye field. This will allow oil to be shipped when first oil production commences in the third quarter.
Development of production facilities at the field are on course for a first production target of the third quarter, Petroneft said.
According to the update issued today rig-up operations for the Arbuzovskaya exploration well are over 80 per cent complete and drilling is scheduled to commence in October after the nine well production drilling programme has ended.
This is the first of at least three exploration/delineation wells to be drilled in the northern part of Licence 61 in 2010 and 2011. The programme has the potential to materially increase both group reserves and the long term production potential of the licence.
“The drilling of our production wells remains ahead of schedule and we are delighted with the well results to date. Pipeline testing is due to commence in the coming weeks and construction of production facilities continues at pace. We look forward to achieving first production in the third quarter and our year-end production target of 4,000 bopd, said Dennis Francis, chief executive of Petroneft in a statement.