Picture 7 Central processing facility at night First and Second Stage Oil Separators

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.

November 8, 2018

Drilling Update – Results of C-4 Well Upgraded

PetroNeft (AIM: PTR) an oil and gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 is pleased to announce that cased-hole testing of the J1-1 and J1-3 intervals of the Cheremshanskoye No.4 (C-4) well in Licence 67 has confirmed the excellent results from the open-hole testing reported on 28 August.

 Highlights

·         Excellent results of open-hole testing confirmed and upgraded by extensive cased-hole test of the J1-1 and J1-3 intervals. The well productivity from the cased-hole test indicates that the combined intervals should achieve in excess of 450 bopd when produced on an electric submersible pump.

·         The C-4 well proves up the northern half of the Cheremshanskoye field with oil tested from two horizons.

·         The well is the first one drilled with the help of 3D seismic data acquired by PetroNeft in 2014 and is approximately 5km from two previous oil wells which were drilled along the southern boundary of the field (C-1 & C-3 wells).

·         Result has the potential to increase gross reserves by 40 mmbbls (20 mmbbls net to PetroNeft)

September 26, 2018

H1 2018 Interim Results

Highlights

•         Gross production from Licence 61 in H1 2018 was 2,135 bopd (1,068 bopd net to PetroNeft).

•         Testing of C-4 well continuing

o    Testing will continue for several week

August 28, 2018

Drilling Update – C-4 Well

Highlights

·         Successful well proves up significant northern half of the Cheremshanskoye field with oil tested from two horizons at a combined prorated flow of 399 bfpd, exceeding expectations.

·         The well is the first one drilled with the help of 3D seismic data acquired by PetroNeft in 2014 and is approximately 5km from the previous two oil wells which were drilled along the southern boundary of the field (C-1 & C-3).

·         Result has the potential to increase reserves by 40 mmbbls (20 mmbbls net to PetroNeft)

·         Total net pay across both Jurassic intervals is 10.4 m