News


January 17, 2020

Operational update and Board Changes

Operational Highlights

·         Contract awarded and construction commenced on mini oil processing facility on Licence 61, completion due in 2020.

·         Operations commence on Licence 67 with construction of winter road linking the C-4 and C-3 wells to the road and contract awarded for work over rig for the C-4 well work over which will start in January.

Board Changes:

·         Maxim Korobov has elected to resign from the Board. Pavel Tetyakov, the Company’s Vice President of Business Development and Daria Shaftelskaya join the board with immediate effect.

January 8, 2020

Result of Extraordinary General Meeting

The board of PetroNeft is pleased to announce that all resolutions proposed to shareholders at the Company's extraordinary general meeting held in Dublin on 7 January 2020 were duly passed. The meeting was to approve the Placing announced on 12 December 2019 and the issue of 107,755,037 Placing Shares at a price of £0.015 each.

December 12, 2019

US$2.12 million Placing, Corporate Update and Director Appointment

Highlights:

  • Gross proceeds of US$2.12 million raised at £0.015 per share in a placing with institutional and other investors, a premium of approximately 58% 
  • Money raised will primarily be used to fund the 2020 capital investment program 
  • Significant commitment from directors, supporting 44% of the placing 
  • Petrogrand Loan which was scheduled to expire on 15th December 2019 has been extended for one year with a potential further year extension to 15th December 2021 if certain milestones are met. 
  • EGM to held in Dublin on 7th January to approve capital raise.

October 30, 2019

Operational update on Licence 67 forward plans

Highlights

  • Plan to bring Cheremshanskoye field in Licence 67 into production during Q1 2020.
  • Exploring options to work over and re-test two wells in the Ledovoye field, also in Licence 67, during 2020.

September 30, 2019

H1 2019 Results

PetroNeft (AIM: PTR) an oil & 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 report its results for the 6 months ended 30 June 2019.

Highlights

  • Gross production from Licence 61 in H1 2019 was 1,755bopd (877.5bopd net to Petroneft)
  • Achieved approval from GKZ (Russian State Reserves Board) for 19.26mmbbls of C1 + C2 reserves as a result of the drilling of the C-4 well on the Cheremshanskoye field in 2018. This is a key milestone as it enables the company to start looking at development options for the field.

June 25, 2019

Financing Update

Loan facility

PetroNeft has entered into a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matures on 31st December 2020 or on the sale of either Licence 61 or Licence 67.   The loan facility will be used for general corporate and ongoing operational purposes and carries an interest rate of 8% above USD LIBOR. Lenders can elect at any time to convert up to 65% of the outstanding loan to shares at a conversion price of US$0.01547 (1.547 cent).

June 21, 2019

Final results 2018

PetroNeft (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31 December 2018.

Highlights

·         C-4 well at Cheremshanskoye produced about 450 bopd on test

·         Gross production at Licence 61 in 2018 was 713,603 barrels of oil or an average of 1,955 bopd

o   While this represents a reduction in production it is ahead of expectations due to continued good performance of horizontal wells at South Arbuzovskoye

·         64.2 mmbbls total proved and probable (2P) reserves net to PetroNeft

April 24, 2019

Increase in Reserves for Licence 67 following drilling success

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 (the remaining 50% held by Arawak Energy), is pleased to give the following update in relation to reserves at its Licence 67.

 Highlights

 ·         New reserves approved for Licence 67, Cheremshanskoye field.

 ·         Approximately 19.26 mmbbls of C1 + C2 reserves (gross) for the Jurassic Reservoirs.

 ·         Currently examining development options for Licence 67.

 ·         Material additional exploration potential of the overlying Cretaceous section being studied.

April 16, 2019

Share Issue

PetroNeft has agreed to issue 13,884,594 Ordinary Shares in settlement of liabilities as follows:

April 9, 2019

Initial thoughts from New Chief Executive Officer

“I have now been in my new position as CEO for just over two weeks and thought it would be an appropriate time to update you on my initial thoughts."

March 21, 2019

Financing Update

Loan facility

In January 2018 PetroNeft agreed a loan facility for up to US$2 million with Swedish company Petrogrand AB (“Petrogrand”) secured on the assets of PetroNeft.  The loan facility was fully drawn down and was used to finance the drilling of the successful C-4 well in 2018 and for general corporate purposes.  The parties have agreed an increase in the facility by US$500,000 to US$2.5 million and a revised maturity date of 15 December 2019 (which may be extended by mutual consent of the parties).

January 25, 2019

Management change

Paul Dowling, CFO and Company Secretary, will depart the Company at the end of January 2019 to pursue other opportunities. Paul will be available to the Company for a transition period while a suitable candidate is identified by the Company..

January 10, 2019

New Chief Executive Officer

PetroNeft (AIM: PTR) an oil & 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 the selection and appointment of a new Chief Executive Officer (“CEO”).

 Mr. David Sturt, who has been a Non-Executive Director of the Company since 2016 will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.

January 2, 2019

Financing Update

Loan facility

In January 2018 PetroNeft agreed a loan facility for up to US$2 million with Swedish company Petrogrand AB (“Petrogrand”) secured on the assets of PetroNeft. The loan facility was fully drawn down and was used to finance the drilling of the successful C-4 well in 2018 and for general corporate purposes. The loan matured on 31 December 2018, however discussions are ongoing to agree an extension and an increase to the facility. We will update shareholders in due course.

November 20, 2018

Retirement of Dennis Francis

Dennis Francis, Chief Executive Officer (“CEO”) and a founder of the Company, has informed the Board that he has elected to retire as CEO following his recent 70th birthday. Mr Francis will remain as a Non-Executive Director in the Company and has agreed to assist the Company on a consulting basis as required to ensure a smooth transition for his replacement and to assist in examining options to maximise shareholder value including the potential disposal of Licences 61 and 67.

The Board has initiated a search for a new CEO to succeed Mr Francis and has asked Karl Johnson, VP of Operations, to assume the position of interim CEO with immediate effect.

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

August 9, 2018

Q2 2018 Production Update

Oil production at Licence 61 for the second quarter of 2018. 

Licence 61 Gross Production

Q2-2018

Q1-2018

Q4-2017

Q3-2017

Q2-2017

FY 2017

FY 2016

FY 2015

Total gross production bbls

183,368

203,114

198,708

192,956

200,208

816,476

990,887

737,655

Gross bopd

2,015

2,257

2,160

2,097

2,200

2,237

2,707

2,021

PetroNeft 50% share bopd

1,008

1,128

1,080

1,049

1,100

1,118

1,354

1,010

 

August 7, 2018

Drilling Update

Drilling of the Cheremshanskoye No. 4 (C-4) well has commenced in recent days. The C-4 well is designed to further delineate and de-risk the Cheremshanskoye field in advance of field development.