10th Sep 2015 07:12
LONDON (Alliance News) - PetroNeft Resources PLC on Thursday said it was pleased with the T-502 horizontal well results as it was brought on line at a sustained rate of more than 450 barrels of oil per day.
Dennis Francis, the chief executive of the oil and gas exploration and production company operating in the Tomsk Oblast, Russian Federation, said the T-502 result was in line with its expectations, and showed the potential for "materially enhanced flow rates" from horizontal production wells, especially when the company is able to drill and complete long horizontal segments.
The T-502 well at Tungolskoye was completed with a horizontal segment of 982 metres in the Upper Jurassic J1-1 horizon at a depth of about 2,502 metres TVD. The company said that of the 982 metres horizontal segment, it is estimated that approximately 624 metres is in effective net pay.
The well was brought online on the final Thursday of August. Its average flow rate over the last eleven days has been over 450 barrels of oil per day, the company said. It said that the well is still cleaning up, with the water cut now below 20%. It will be allowed to continue in that mode to monitor performance.
The T-503 horizontal well is currently producing at about 400 barrels of oil per day, the company said.
Francis said the company's operational progress is gathering momentum in other areas.
"We are now looking forward to the T-507 vertical well and T-501 horizontal well results. Production has increased by over 40% in 2015 and we will continue to focus on production growth," Francis said.
The T-507 vertical well was spudded on August 25 and drilled to total depth of 3,262 metres in 10 days. The well is currently being logged.
"The primary purpose of this well is to provide stratigraphic information for the drilling of the T-501 horizontal well which will commence shortly. The T-507 well will eventually be used as a water injector to provide pressure support for the T-502 and T-501 horizontal wells," the company said.
By Samuel Agini; [email protected]; @samuelagini
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