Operations update

Petrosibir is pleased to announce the latest workover and fraccing results in Bashkiria and Komi.

Bashkiria
An old Soviet well #54, abandoned after drilling in 1966, was successfully re-entered and put into production for the first time. Due to the quality of the old cement, the workover took slightly longer than normal to isolate the producing reservoir from the water-bearing horizons. The current daily flow rate is 26 bopd. We are very pleased that we have been able to bring such an old well into production and are now considering additional options to potentially increase production further.

Komi
Fraccing of wells #35 and 40 has now been completed with the initial flow rates of 163 bopd and 121 bopd respectively. Well #36 which was re-perforated to confirm the presence of moveable oil unfortunately did not flow any oil. The results from the initial frac are being analysed to determine if the well is suitable for a more powerful frac. The next fraccing round that will potentially include wells #33 and 36 is planned for the next year, subject to availability of the fraccing fleet.

For more information, please contact:
Pavel Tetyakov, CEO, Petrosibir, tel +46 8 407 1850
[email protected]
Gunnar Danielsson, dep CEO / CFO Petrosibir, tel +46 70 738 0585
[email protected]
www.petrosibir.com

About Petrosibir
Petrosibir is a Swedish company focused on exploring and developing concessions in Russia. The company holds licences in the Russian republics of Bashkiria and Komi. Petrosibir's 2P oil and gas reserves amount to 35 million barrels of oil equivalent. The Petrosibir share is traded on the OTC-list at beQuoted under the symbol PSIB-B.

This is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.


Om Petrosibir

Petrosibir är ett svenskt bolag med inriktning på prospektering och utvinning av olja och gas i Ryssland.

Webbplats
petrosibir.com
Bransch
Olja och gas

Prenumerera

Få löpande information från Petrosibir via e-post.

Handelsinformation

Marknad beQuoted inofficiella Kortnamn PSIB-B ISIN-kod SE0000514572