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PETRONEFT RESOURCES PLC

Latest presentation,  featuring samotlor major 27 billion barrel discovery, ptr's licence 61 is directly east of the discovery, licence 67 south east, proven and probably reserves 118m barrels of oil, 448m barrels exploration upside.

(2012 Operations) 

Build 10km pipeline to tie in to the network

Current production 2300 bopd

5 wells currently shut in and being stimulated and not part of the current production figures.

(Licence 61 2012 development plan)

8-10 wells projected to go into production (6 by year end 2012) 2 into early 2013, 1 well per month to add to current production figures.

Expected first news from well 1 will be end of august, the BoD were in Russia at the end of July, each well will take a one month to complete to production.

Only producing from 20% of the asset base, huge potential upside.

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LATEST RESULTS

(Operational Highlights)
·     Average production of 2,049 bopd.
·     Group 2P reserves increase 36% to 131.7 mmbbls.
·     Group P1 reserves increase 50% to 20.0 mmbbls.
·     Sibkrayevskoye discovery in August 2011 was the largest single discovery made by PetroNeft to date. It contains 49.8 mmbbls of 2P reserves.
·     Expanding the central processing facility capacity at Licence 61 to 14,800 bfpd.

(Financial highlights)
·     First full year of production with 748,079 barrels produced, up from 189,508 in prior year.
·     Capital expenditure of US$52 million.
·     Improved Macquarie Debt facility agreed in April 2011.
·     New US$15 million loan facility with Arawak Energy agreed in May 2012.

(June 2012 Operations Update)
·     Arbuzovskoye No.1 well producing at 350 bopd without fracture stimulation.
·     Current total production steady at 2,200 bopd exclusive of wells temporarily shut-in for pressure transient testing.
 
The Arbuzovskoye No. 1 discovery well is now in production and has been producing with an electric submersible pump at a rate of about 350 bopd since mid-May 2012. So far it has shown essentially no decline and a water cut of less than 2%. This is comparable to the best wells drilled at Pad 1 at the Lineynoye oil field, prior to fracture stimulation,  and is in line with the excellent test results achieved on this well when it was first drilled in November 2010.
 
It is expected that a drilling crew will arrive on site at Arbuzovskoye in the coming weeks to commence drilling new production wells, the first of which we expect to bring into production in Q3 of this year.

(Licence highlights)
Discovery of Significant New Oil Field at Sibkrayevskaya
 
PetroNeft Resources plc (AIM: PTR), the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce its largest single discovery to date, a new oil field at Sibkrayevskaya in Licence 61.

·     Seventh oil field discovered in Licence 61
·     North Varyakhskaya No. 1 well makes oil discovery in main Upper Jurassic target

(Licence 67)
·     Cheremshankaya No. 3 well discovers two hydrocarbon pools
o  Oil discovery in main Upper Jurassic target
o  Gas/oil discovery in Lower Jurassic target
o  Successful open hole inflow test on both intervals

(Director purchases) July 2011

Dennis Francis
190,000
David Sanders
25,000
Paul Dowling
125,000
Tom Hickey
100,000 all exercised at 35p per share

June 2011 director purchase 52p

Every placing that the company has undertaken has been subscribed by the Directors.

(Issued shares)

Authorised Shares 800,000,000
Current Issued Shares 416,356,432
Warrants outstanding 6,700,000
Options outstanding 16,544,000

26.79% of shares are not the public domain

Approx 300m shares in free float.

(COMPANY WEBSITE)
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(AIM RULE 26)
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(PHOTO GALLERY)
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(ABOUT THE COMPANY)
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(DIRECTORS)
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11:28 14/08/2012
leaderofthepack
0 replies 0 0

davys give an outperformance approvel and then share price drops 6% yso be

17:27 09/08/2012

Anything around 10p and Ill be happy! But it's so hard to predict. Oilies can go from boom to slump in no time at all, look at RKH after their farm in with PMO!

Max
16:08 08/08/2012
Raj
1 reply 0 0

what is the price target in next 1 yr ??

14:09 02/08/2012

Hi Utd0Leeds10 welcome to the forum and congrats for being the first to post in the shiney new forum here!

Lots of oilies have been hit this year. Im looking for an entry point a bit lower than this. If I miss it, my bad, but willing to risk it.

Good luck!

19:34 30/07/2012
dan
0 replies 1 0

Used to own a Hornby trainset as a child. Still miss it!

What is the upside on this you mention?

18:04 30/07/2012
Hans
1 reply 1 0

...a real turn-around story....great company was listlessly drifting, but has been reined back in. Good upside...

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