News


September 25, 2020

Financial Results 2019

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31st December 2019.

Highlights

  • Significant technical, operational and financial progress in 2019 driven by new leadership team and stronger local input.

 

  • Gross 2019 production 1,614bopd (1,955bopd 2018), rising to 1,727bopd in August 2020. Focused well management, monitoring and intervention programme steadily improved overall field performance at Lineynoye.

 

  • Increased potential of Licence 67 beginning to emerge due to increased focus and careful re-interpretation of data

 

  • Successful Convertible debt and post year end equity issues with strong shareholder and director support.

 

  • Loss for the year $6.4M (2019) reduced from $7.56M (2018).

 

  • Reduction in costs at all levels; corporate costs reduced by 47%, from $1.512M (2018) to $0.807M (2019).

 

  • Due to the COVID-19 pandemic, the Company intends to publish its half year report for the six months ended 30 June 2020 by 31st October 2020.

September 21, 2020

Licence 67 Financing Arrangement

21st September 2020

                                                                                                PetroNeft Resources plc ('PetroNeft' or 'the Company')

Licence 67 Financing Arrangements,

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 provide the following financing update:

 Highlights

  • Heads of Terms signed with Alexandrovskoye Oil Refinery (“AOR”) to provide up to $1M to finance infrastructure development on Licence 67 to enable year-round production from 2021.

August 25, 2020

Operational Update

25th August 2020 

                                                                         PetroNeft Resources plc ('PetroNeft' or 'the Company')  

Operational Update

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 improved production.

Highlights 

o   Production up year on year by 7.8%, to 1,589 bbls/day July 2020, currently averaging 17% above July 2019 levels. 

o   Strong performance from the Lineynoye field with production over 20% ahead of July 2019 levels. 

o   Sibkrayevskoye field continues to perform well with production currently averaging 246 bbls/day. 

o   Improvement in local market conditions.

June 29, 2020

2019 and Q1 2020 Operations Update

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 provide the following extensive operations update covering the full year 2019 and Q1 2020. This information is being provided to update shareholders on operations while we are working towards completion of our audit and publication of the 2019 Annual Report – both having been delayed due to Covid.   An extension has been granted by Dublin ESM and London AIM markets.

May 11, 2020

Share Issue

Share Issue

PetroNeft has settled outstanding liabilities owed to Dennis Francis totalling $200,000 through the issue of 10,471,204 new ordinary shares.

Resultant holdings of Mr Francis:

Ordinary Shares held 

prior to Share Issue

   Share 

    Issue

   Resulting holding

   of Ordinary Shares

% of Issued 

    Share Capital*

Dennis Francis 

        36,361,620

     10,471,204    

46,832,824

5.58%

                                               

*This percentage shareholding is based on a total shares now in issue figure of 839,357,061 ordinary shares.

The Company will apply for admission of the Shares to be traded on the AIM and Euronext Growth markets. It is expected that Admission will take place and that trading will commence on or around 14th May 2020.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc

     +971 55 1919 808

John Frain/Brian Garrahy, Davy (NOMAD and Broker)    

      +353 1 679 6363            

Joe Heron / Douglas Keatinge, Murray Consultants

      +353 1 498 0300

 

April 27, 2020

Operations Update

Highlights

  • Successful re-entry of the C-3 well in the Lower Jurassic J14 interval in the C-3 well. Testing confirmed gas, and non-commercial quantities of high paraffin condensate/light oil.

  • Work over of the J14 interval was under budget.

  •  Testing of the upper horizons and the well re-entry program as a whole has been suspended due to the current global situation.

April 1, 2020

Operational Update

Highlights

·         Connection of the Sibkrayevskoye field to the Central Processing Facility enabling year-round production from Sibkrayevskoye.

March 16, 2020

Operational Update

Highlights

·         Successful re-entering of the C-4 well, flowing naturally at up to 476 bopd of good quality 100% oil from the Upper Jurassic J1-1 & J1-3 reservoirs.

·         Negotiated attractive long-term oil sales contract for all oil produced from Licence 67. Approximately 1,200 bbls of oil already sold and transferred to the refinery. These are the first commercial sales from Licence 67. 

·         High value barrels attracting lower MET rate.

·         Work over rig now moving from C-4 to the C-3 well on the southern margin of the Cheremshanskoye field to test the deeper Jurassic J-14 reservoir.

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..