StockMarketWire.com - PetroNeft said it had successfully tested parts of a new oil well in Russia.

The Cheremshanskoye No.4 well flowed at 339 bfpd from two intervals, exceeding expectations, the company said.

It was the first well to be drilled with the help of 3D seismic data acquired by PetroNeft in 2014 and was approximately 5km from two previous oil wells, which were drilled along the southern boundary of the field.

The well result had the potential to increase gross reserves by 40m barrels, or 20m barrels net to PetroNeft.

'We are very pleased with the results of the C-4 well so far as it has demonstrated the value of the Cheremshanskoye field within Licence 67,' chief executive Dennis Francis said.

'The well demonstrates the importance of the 3D seismic in being able to confidently select a well location 5km away from the discovery wells.'




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