The horizontal segment of the Tungolskoye No. 5 well has been drilled and completed in the J1-1 and J1-2 Upper Jurassic intervals. The total horizontal segment was just over 350 metres of which over 80% was located in the productive J1-1 and J1-2 reservoirs at depths between -2,502 m and -2,517 m TVD. The well is still cleaning up and current production is 604 bopd using an Electric Submersible Pump (ESP). The oil is currently being trucked 25 km to the Lineynoye central processing facility.

Development of the Tungolskoye oil field which is estimated to contain 20 mmbbls in 2P reserves will now proceed immediately. Contracts are currently being finalized for the 2015/16 Tungolskoye development drilling programme. The programme is expected to comprise five horizontal and up to six vertical wells. Drilling is expected to commence in April 2015 and will be completed in Q1 2016. Further details will be announced once the drilling contract is executed.

Tags: PetroNeft Resources plc