Petroneft Resources Share Discussion Threads

[dbarr0n] 14/10/2014 18:58

ravin.. How about Thursday the 13th of Nov lol, will refine closer to the date maybe after next update...

And there will be a reserves update on licence 67 at the end of the year
.........................................................................

Granto... If 100 bopd on pump in a vertical well can = 400 bopd from a 300 mtr horizontal well on pump in 4 mtrs of nett pay..

The Tungolskoye field has between 8.2 & 15 mtrs nett pay and the horizontal well produced 100 bopd without a pump so the horizontal well could produce anywhere from 400 - 800 bopd on pump.
We will just have to wait and see.

By the way Petroneft never made that statement, they would never have combined the vertical well flow rates with the horizontal well, as they will only be able to produce oil from the horizontal well.

[ravin146] 14/10/2014 18:37

Lol dbarron or granto both have internal connections but have different 'internal' views on today results. End of the day only 6m traded sums up the interest here. Needs much more positive news for it to be a champagne popper. There must be a reserve upgrade imo. Gla

[rockin robin] 14/10/2014 16:50

Buy trades now being disclosed...crafty MMs

[granto2] 14/10/2014 16:41

Internally I know PTR were expecting at least 500 bopd on this one including the H well , now it looks like its going to fall short of that, so I wasn't being over optimistic here, dress it as you like, but I'm not toasting it, thats said PTR is still a buy at that share price.

[ravin146] 14/10/2014 16:12

Well done Dbaroon, spot on the with the day :), Result...is ok, good foundation to the horizontal results rns soon in 3-4weeks apparently (dbarron I let you guess that one too haha) As for a champagne popper, some of you guys are a bit too optimistic...time will tell but all dependant to horizontal result. This was not a disaster so that the positive to take. 100bopd doesn't show us anything exciting but is good for starters lets say. Gla mid November it is

[granto2] 14/10/2014 15:20

That slide suggests a multiplier of 4 alright,I hope PTR are not being over optimistic . we will know in a month.

[dbarr0n] 14/10/2014 13:40

granto,
It is a very good result..
The 100 bopd was unstimulated without pump.
The below example was for the Arbuzovskoye field and based on 4 mtrs nett pay.

See slide 15

[granto2] 14/10/2014 13:08

100 bopd is far from super. I have always understood that an average H well only increases the flow by 2x and maybe 3x, and add to that it weakens over the first few months of production. My prediction is that a flow of 250 will be achieved. Stimulation will increase this to 330 but it also adds to the cost. This is still a profitable project but far from a Champagne popper. 100bopd at the crest is just ok. The proof of the pudding will be in the H well. GLA. I was expecting 140bopd and a PW of 10m.

[dbarr0n] 14/10/2014 13:01

man .. I agree....

As I posted on the 10th

The results from the vertical section of T5 are not all thats to look forward to...

This is the line up as I see it,

Tuesday; Results of vertical well Tungolskoye T5

Mid October; Results of production well Arbuzovskoye 106

Early November; Results of horizontal well Tungolskoye T5

Mid November; Results of Arbuzovskoye 9S well

Mid December; Results of Arbuzovskoye location C well (107)

Late December; Reserves report on licence 67

January 2015; Spud Sibkrayevskoye S373 well

Late January 2015; Start building Tungolskoye pipeline

Feb/March 2015; Results of Sibkrayevskoye S373 well

March/April 2015; Start production well drilling on Tungolskoye.

[man1] 14/10/2014 12:46

At least with the two drills we should get another couple of updates over the next month or so . Can only be good for sentiment .

[steelwatch] 14/10/2014 12:19

sean - to quote DF from around 3 years ago, "There will be surprises along the way, good and bad." Let's hope the worst is behind us!

[seangwhite] 14/10/2014 12:09

Thanks for that info.

Lets hope the future RNSs from PTR stay on this new simple and concise level and that the share price then reacts and has a steady slope upwards for the year end, as confirmation of the bright future prospects!

VGLTA

[bmw30csl] 14/10/2014 11:25

A nice rule of thumb for vertical to horizontal (assuming average multiple of net pay to horizontal travel) is 3x. Add to that stimulation and 4 x is easily achievable.

[dbarr0n] 14/10/2014 10:57

seang...
Given the results of 100 bopd unstimulated we should produce more than 400 bopd in the horizontal well once stimulated and on a pump.

A 300 mtr horizontal section typically produces 4 x what the vertical well would, the majority of the oil comes from the horizontal plain not the vertical say up to 100 mtrs out from the well bore, so imagine overlapping these areas along the length of the well bore.

Hope this explains..

[woodpecker25] 14/10/2014 09:52

It's been a few years since we've had a clear, concise RNS containing good news from PTR.

Bodes well for our new partnership with OIL.

[steelwatch] 14/10/2014 09:51

sif - Russia overall. That does not mean PTR specifically.


PetroNeft Update on Drilling activity

PetroNeft provided an update this morning on drilling activity in Siberia in which it outlined that the vertical section of the T-5 well on the Tungolskoye field has been completed ahead of scheduled drilling of the horizontal section. 8.2m of net oil pay was encountered, which flowed at a rate of 100 bopd. Post completion of the horizontal section, which is likely to take 3 – 4 weeks, PetroNeft hopes to achieve a much higher flow rate. Assuming a successful outcome, it is anticipated that the well can be brought into production in December / January once winter roads are in place.

Separately, drilling has commenced on the first new production well on the Arbuzovskoye field, a process that is expected to complete by the end of the month. In total, the schedule of activity calls for 3 to 5 wells to be brought on stream over the coming months.

The recommencement of drilling activity by PetroNeft reflects an easing of funding restrictions post the farm-down to Oil India. The challenge now is to demonstrate that management can lift production towards licence processing capacity of c.14 kbopd.

Recommendation: Buy
Closing Price: £0.06
Gerry Hennigan+353-1-641 9274 [e-mail]

[spudders] 14/10/2014 09:44

Good result, bodes well for the company not so sure we will hold gains in this market. O/t anyone use BARX equities for L2, if so how do you get it to work on an iPad.

[sif12] 14/10/2014 09:38

dbarr agreed. shame about the timing and current poor A and G markets.. on plus side at least weve maintained share price and not taken a kicking like so many others...

[seangwhite] 14/10/2014 09:38

DbYou got your 'super' flow rate of 100 boepd although the depth was less than your guess. I am slightly mystified at the figure you hope for on the horizontal as I would have expected more just by the fact it should have a greater effective pay depth area by travelling along rather than through the oil strata.Nice to see a bit of Blue in an E&P todayVGLTA

[dbarr0n] 14/10/2014 09:32

sif .. 100 bopd open hole unstimulated is a very good result, I am happy.
as for the net pay, they said there was at least 8.2 mtrs so it could be more than 8.2 mtrs.
All in all a good result ;) ...

[dbarr0n] 14/10/2014 09:23

RCT ... You are wrong again....

[rcturner2] 14/10/2014 09:21

Dbarron is on the inside, surely you guys realise that by now?

[sif12] 14/10/2014 09:20

good news and so little comments... Dbarr didn't get your net pay amount, but flow as predicted..

steel.. from the graph above, what does that mean, so in Russia need a $100 oil price to break even on production?

[carlo sartori] 14/10/2014 09:03

13 Oct'14 - 16:40 - 26823 of 26836

Ravin... Yes, I think we will get news tomorrow..

Good prediction on the timing of the RNS DB!!

Carlo

[bmw30csl] 14/10/2014 08:29

Good news today - the horizontal and Arb well show the renewed pace of activity here and bode well for the future. Nice to see the T5 well on prognosis as it gives confidence on the reservoir model for future wells and could add a nice production enhancement over the winter.