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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.

June 29, 2021

Appointment of reserves auditor

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61 provides the following update.

Highlights

  • Miller and Lents have been awarded the contract to independently audit the company’s reserves/resource. 
  • New reserve/resource report due to be published before the end of Q3.

June 22, 2021

Final Results 2020

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 is pleased to report its final results for the year ended 31st December 2020.

Highlights

  • New leadership, combined with strong local support, continues to demonstrate significant technical, operational and financial progress in 2020. 
  • Despite external adverse factors including closing down production in April 2020 due to oil price, gross 2020 production averaged 1,562 bopd down only 3.2% year on year (1,614 bopd 2019). 
  • Operating costs per barrel reduced by 10.3% (cost of sales excluding depreciation and Mineral Extraction Tax) at US$12.39 per barrel (2019: US$13.82 per barrel). 
  • Loss for the year US$4.54M (2020) reduced from US$6.04M (2019) despite 32.7% fall in realized oil price per barrel. 
  • Due to the COVID-19 pandemic, the Company intends to publish later the notice for the Annual General Meeting in order to increase the chances of shareholders to be able to physically attend. 

2020 Final Results

June 8, 2021

Licence 67 Operations Update

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 is pleased to announce the following operational news.

Highlights

  • Production from the Cheremshanskoye field has provided the Company with strong operational cash flows. The well has shown virtually no decline since the start of production. The choke size was recently increased to 10mm and the rate increased to 320 bopd.
  • Workover operations on the L-2a well at the Ledovoye field also at Block 67 have been carried out successfully, producing an oil flow through a perforated liner which should enable the Company to book Russian state reserves, leading to the creation of development options for this field.