Petroneft

Executive Summary

Petroneft Resources PLC (LON:PTR) is an Irish oil and gas exploration, development and production company with interests in Western Siberia. The company holds an exploration licence in the Tomsk region of Siberia covering an area of almost 5000 km² that contains two proven oil fields, Lineynoye and Tungolskoye, with potential estimated reserves of 33.5m boe. In 2009, the company earned revenue of US$509,710 and it made an operating loss of US$6.3m. Petroneft completed drilling six of the nine production wells ahead of schedule in July 2010 and it has encountered a reservoir that is eight to ten metres higher than predicted.

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SWOT Analysis

 

Strengths P2 stands at 97 million + 50 mil to be added from recent discovery + P3/P4 potential  600 million barrels give long term exciting growth prospects with tax concessions in force early 2012 very low risk as prospective area extremely likely to firm up p3/p4 reserves to P1/p2 very high prospect of increasing value of net reserves and infastructrure in place with processing facility upgrade to 14000 barrels of oil per day and new pipeline now in place. Plus a forward looking policy of bidding for future licences in the extremely oil rich areas of Siberia and other Russian prospects with highly prospective potential.