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.
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.
· 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.
· 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.
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
· 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
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.
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.
(AIM RULE 26)
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