REG - Petroneft Resources - Notice of Results

Petroneft ResourcesAnnouncement

30/10/2020 07:00

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RNS Number : 6870D  Petroneft Resources PLC  30 October 2020

PetroNeft Resources plc

30(th) October 2020

 

PetroNeft Resources plc ('PetroNeft' or 'the Company')

 

2020 Interim Results

 

PetroNeft (AIM: PTR) an oil & gas exploration and production company,
operating in the Tomsk Oblast, Russian Federation, is pleased to report its
final results for the six months ended 30 June 2020.

 

Highlights

 

·    Gross production from Licence 61 in H1 2020 1,566 bopd (783 bopd net
to PetroNeft)

 

·    Completed construction of a 26 km pipeline connecting Sibkrayevskoye
field to the Central Processing Unit significantly ahead of schedule and
within budget, allowing year-round production from Sibkrayevskoye which
commenced from the end of March 2020

 

·    Optimisation of the water flood program at the Lineynoye field
resulting in a 20% year on year increase in production (July to July).

 

·    Successfully completed extended well test of the C-4 well producing
and selling 1,200 bbls of oil at competitive rates.

 

·    Restarted construction of mini refinery at License 61, which is now
under test production.

 

·    Daria Shaftelskaya and Pavel Tetyakov joined the board, while Maxim
Korobov resigned after almost 4 years as a director.

 

 

David Golder, Chairman of PetroNeft Resources plc, commented

'The first half of 2020 presented many challenges to the company through the
dual effects of the Covid pandemic and turmoil in the world's energy markets.
We have however been seeing increased stability through the third quarter and
are optimistic that this will continue through the end of 2020 and into 2021.

 

With the success of the C-4 extended well test combined with stabilising
production at Licence 61, we believe the company is well positioned to benefit
from a future improvement in the market. We are particularly looking forward
to an active winter work program at the end of this year and in to 2021."

 

 

For further information, contact:

 David Sturt, CEO, PetroNeft Resources plc                       +971 55 1919 808
 John Frain/Caroline Pearson, Davy (NOMAD and Joint Broker)      +353 1 679 6363
 Joe Heron / Douglas Keatinge, Murray Consultants                +353 1 498 0300

 

The information contained in this announcement has been reviewed and verified
by Mr. David Sturt, Chief Executive Officer and Executive Director of
PetroNeft, for the purposes of the Guidance Note for Mining and Oil & Gas
Companies issued by the London Stock Exchange in June 2009. Mr. Sturt holds a
B.Sc. Degree in Earth Sciences from Kingston University and an MSc. in
Exploration Geophysics from The University of Leeds. He is a member of the
Petroleum Exploration Society Great Britain and has over 35 years' experience
in oil and gas exploration and development.

 

 

Glossary

 bbls  Barrels
 bopd  Barrels of Oil Per Day

 

 

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