Highlights

·         Successful well proves up significant northern half of the Cheremshanskoye field with oil tested from two horizons at a combined prorated flow of 399 bfpd, exceeding expectations.

·         The well is the first one drilled with the help of 3D seismic data acquired by PetroNeft in 2014 and is approximately 5km from the previous two oil wells which were drilled along the southern boundary of the field (C-1 & C-3).

·         Result has the potential to increase reserves by 40 mmbbls (20 mmbbls net to PetroNeft)

·         Total net pay across both Jurassic intervals is 10.4 m