Petroneft to sign contract for five more wells after initial success

Irish oil and gas explorer PetroNeft has described work on two wells in the Tomsk Oblast region of Russia as a "fantastic success" and said it will deliver a full return on investment in under a year.

A contract was signed for the provision of fracking services on the Lineynoye and Arbuzovskoye fields in Licence 61 during the forthcoming winter season.

It on Friday announced the extension of the winter campaign with the goal of increasing production and also improving the sustained flow rate of existing wells over two producing fields in licence 61.

Following this successful initial program, a new contract was signed with NewTech Well Services, an international oilfield services company, for the provision of a larger fracking program covering an additional five wells.

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The contract has been secured at the same terms as earlier in the year, ensuring “a strong return on additional production”.

PetroNeft chief executive David Sturt said: "The two well fracking program in early 2021, which was based on extensive technical planning by our team, was a fantastic success. The program performed beyond our expectations and will have delivered a full return on investment in under a year.

“Based on this, our team has developed a more ambitious five-well program for the coming winter. We are delighted to be working again with NewTech, following the successful engagement earlier in the year.

“After considerable technical review, we took a careful and measured approach to our two well fracking program earlier this year to ensure that our assumptions were correct.

“It is now very satisfying to be able to extend the program this year to another five wells and further boost production on our licence 61 asset.

“This is the first part of our 2022 operational program to be announced and we look forward to providing further updates over the coming weeks as we look to build on the progress made to date.”