Interim Results H1 2011
September 20, 2011
PetroNeft Resources plc
(“PetroNeft” or the “Company”)
2011 Interim Results
PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its results for the 6 months ended 30 June 2011.
Highlights:
· Maiden pre-tax profit of US$3.8 million
· H1 production of 399,327 barrels of oil for the period
· Major exploration success at Sibkrayevskaya with potential to increase Group reserves by at least 50%
· Extension of Lineynoye field to the north has significant implications for overall structure size
· New tax law passed which will boost future cash flows
· Improved debt facility for up to US$75 million agreed with Macquarie Bank
Click here to view 2011 Interim Results
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“The first part of 2011 has been very busy with the highlights being the major discovery at Sibkrayevskaya and the extension of the Lineynoye field to the North. The coming months will see results from the remaining high impact exploration wells together with increasing production as the hydraulic fracturing programme proceeds.”
For further information, contact:
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Dennis Francis, CEO, PetroNeft Resources plc |
+353 1 443 3720 |
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Paul Dowling, CFO, PetroNeft Resources plc | |
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John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
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+353 1 679 6363 |
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Charles Berkeley/Henry Fitzgerald-O’Connor, Canaccord Genuity Limited (Joint Broker)
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+44 207 050 6500 |
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Martin Jackson, Citigate Dewe Rogerson |
+44 207 638 9571 |
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Joe Murray/Ed Micheau, Murray Consultants |
+353 1 498 0300 |
