• PetroNeft Resources plc is an international oil and gas exploration and production company, established in 2005 to acquire and develop hydrocarbon acreage in Russia. All of the Ordinary Shares in the Company are quoted on the AIM and are also quoted on the Irish Enterprise Exchange (IEX) of the Irish Stock Exchange.
  • The Group’s core asset is a 100 per cent interest in an exploration and production licence (Licence 61), covering 4991 sq. kms in the Tomsk Region of Western Siberia, containing two proven oil fields, Lineynoye and Tungolskoye, and some 25 additional prospects and potential prospects, which have already been identified by seismic surveys.
  • Ryder Scott Company, the independent petroleum consultants, estimate the reserves in various categories on the licence as follows;

Lineynoye and Tungolskoye oil fields;

Proved and Probable (P1 +P2) 33.5 million barrels
Possible (P3) 37.1 million barrels
Total (P1+P2+P3) 70.6 million barrels

 

25 Prospects and Potential Prospects;

Possible (P3) 253 million barrels
Exploration Resource (P4) 100 million barrels
Total (P3+P4) 353 million barrels

 

  • The Group’s activities are focused on the development of this core area through planned early production of its existing Proved and Probable reserves and the determination of its full upside reserve potential on established targets.
  • Contracts for three wells are in place, commencing in January 2007. A full production feasibility study is underway. 500 line kms of seismic are planned, commencing November 2006.

 

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