PetroNeft is pleased to provide an update on operations at Licence 61.
•Tungolskoye Development drilling contract awarded to Eurasia Drilling, one of the largest drilling companies in Russia
◦Development will consist of up to 11 wells
◦Rig mobilization and construction of 25 km oil pipeline and utility line from Tungolskoye to Lineynoye Central Processing Facilities is now underway
•T-5 well temporarily shut-in while exploration rig is disassembled and pump remedial works completed
•Arbuzovskoye 104 well now on production at an initial rate of 100 bopd
•Arbuzovskoye 107 well has confirmed 3.2 m of net oil pay and has been put on production at an initial rate of 100 bopd
•Arbuzovskoye 108 well has confirmed 2.2 m of net oil pay and will be put on production shortly.