The well 112 is the fifth new production well in Arbuzovskoye oil field, which did not show any visible water cut, while first five wells in the programme have crossed the targets of 150-200 bopd per well.

The company is also planning to drill the Arbuzovskoye well 105, which is the next well in the drilling programme.

PetroNeft said that operations at Licence 61 have been slowed due to extreme temperatures as low as -49 degrees Celsius.

Production has been reduced to 300 bopd in the two wells of Arbuzovskoye oil field due to mechanical production issues.

The company is investigating probable pressure depletion in the reservoir and is expected to address it with a planned pressure maintenance programme.

Arbuzovskoye oil field, which is the company’s second field being developed, includes 2P reserves in excess of 13 million barrels of oil.

The total oil production is about 2,600 bopd from the Lineynoye and Arbuzovskoye oil fields.