PetroNeft Resources Public Limited Company is a public company registered in Ireland (Company number 408101). Its registered office address is PetroNeft Resources plc C/o O’Donnell Sweeney Eversheds, one Earlsfort Terrace, Dublin 2 Ireland. The Company is set up to develop oil assets in the Tomsk Oblast in Western Siberia and was admitted to the London AIM and Dublin ESM Markets on 27th September 2006.
The main asset of the Company is a 100% interest in a 4,991 sq km oil and gas licence in the Tomsk Oblast in Russia, held through its wholly owned Russian subsidiary, Stimul-T. The Licence is located in the prolific Western Siberian Oil and Gas Basin and contains four known oil fields, Lineynoye, Tungolskoye, West Lineynoye and Korchegskaya, and 25 Prospects and Leads that are currently being explored.
The Board of PetroNeft is made up of highly experienced professionals in the International and Russian Oil Exploration and Development business. The Russian Management team has extensive local knowledge and experience in the exploration and development of oil and gas fields in the Tomsk Oblast.
The Company is gradually expanding its management team in Tomsk, with the Personnel base being timed to meet the growing nature of the Company's business. Within Stimul-T, its wholly owned Russian subsidiary, it has most recently employed Health and Safety manager Elena Morgunova.
Since acquiring Licence 61 in May 2005, the Company has carried out extensive reprocessing and reinterpretation, using modern technology, of 2,369 line kms of vintage seismic acquired under the Soviet regime. It has also digitised and reinterpreted the logs of 14 wells drilled on the Licence since 1972. Over 1,000 line kms of new CDP-2D infill seismic has been acquired on the Licence. A three well drilling which programme was completed during 2007. Reserve estimates on the Licence are based on this work. ( See Summary of Ryder Scott reserve estimation under Reserves tab.)
A Plan of Development has been completed on the Lineynoye, West Lineynoye and Tungolskoye Oil Fields. This Study will be used as the basis for development approvals within Russia.
Year round oil production from the Licence is currently planned to commence in 2010.
A further three well programme commenced on 29th February 2008 comprising a delineation well on the West Lineynoye Oil Field and two high value exploration wells on the Korchegskaya and West Korchegskaya prospects. Both the West Lineynoye delineation and Korchegskaya exploration wells have been successful in finding oil in the primary target of Upper-Jurassic sandstone. While the primary Jurassic reservoir objective was absent in the West Korchegskaya No. 1 well, a 25 metre sandstone interval, with hydrocarbon potential, has been identified in the Lower Jurassic secondary objective.
