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.
January 7, 2016
December 31, 2015
December 14, 2015
• T-501 and T-505 horizontal wells drilled. Logs suggest both to have better quality oil pay than earlier wells. Workovers in progress to improve initial flow rates.
• T-509 vertical injector well drilled. Potential for oil production before conversion to be tested.
· Workover programme to increase production is planned for January 2016.
· Southern portion development progressing with well pad currently under construction.
· Significant field reserve upgrade anticipated based on new well and seismic data.
· Oil in Place estimates upgraded based on new seismic data; 2P reserves expected to increase significantly.