PetroNeft Resources plc is an international oil and gas exploration and
production company, focused on Russia. The company’s shares are
listed on the London AIM and Dublin ESM Markets.
April 2, 2012
Reserves and Operations update
PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations.
Highlights:
· PetroNeft’s 2P reserves increase 36% to 131.7 mmbbls
o Sibkrayevskoye 49.83 mmbbls
· PetroNeft’s proved reserves (P1) increase 50% to 20.03 mmbbls
o Lineynoye 8.86 mmbbls
· Ledovaya No. 2a well achieves natural flow
· Arbuzovskoye pipeline construction completed; Development Programme on schedule
· Option to advance Sibkrayevskoye development later this year
· Production remains steady at 2,300 bopd
February 17, 2012
Operations update
· Year end production reached approximately 3,000 bopd; current production steady at 2,300 bopd
o Lineynoye Pad 1 responded to pressure maintenance
o Lineynoye Pad 2 fracture results below expectations
· Arbuzovskoye Development ahead of schedule
o Pipeline production expected to commence in Q2 2012
o Plans for 10 new production wells in 2012 progressing ahead of schedule
· Ledovaya 2a exploration well
o oil encountered in primary Upper Jurassic interval
o oil discovered in secondary Lower Cretaceous interval
· Cheremshanskaya No. 3 exploration well
o testing successfully completed; three separate oil pools discovered
o primary Upper Jurassic J1-3 interval tests good quality oil + water
secondary Upper Jurassic J1-1 + Bazhenov interval tests high quality oilDecember 6, 2011
Operations Update
· 10 well hydraulic fracturing programme completed
o Wells now being brought back online and cleaning-up
o Initial results encouraging
· Additional five well hydraulic fracturing programme planned on Pads 1 and 2 in January / February 2012
· Cheremshanskaya No. 3 well testing progressing successfully
o Lower Jurassic J14 interval achieves natural flow
o Primary Upper Jurassic J1-3 interval may contain 7.0 metres of net oil pay
· Arbuzovskoye Development Programme Approved by Russian Government
· Ledovoye exploration well spudded on 5 December
