News
April 2, 2012
Reserves and Operations update
PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations.
Highlights:
· PetroNeft’s 2P reserves increase 36% to 131.7 mmbbls
o Sibkrayevskoye 49.83 mmbbls
· PetroNeft’s proved reserves (P1) increase 50% to 20.03 mmbbls
o Lineynoye 8.86 mmbbls
· Ledovaya No. 2a well achieves natural flow
· Arbuzovskoye pipeline construction completed; Development Programme on schedule
· Option to advance Sibkrayevskoye development later this year
· Production remains steady at 2,300 bopd
February 17, 2012
Operations update
· Year end production reached approximately 3,000 bopd; current production steady at 2,300 bopd
o Lineynoye Pad 1 responded to pressure maintenance
o Lineynoye Pad 2 fracture results below expectations
· Arbuzovskoye Development ahead of schedule
o Pipeline production expected to commence in Q2 2012
o Plans for 10 new production wells in 2012 progressing ahead of schedule
· Ledovaya 2a exploration well
o oil encountered in primary Upper Jurassic interval
o oil discovered in secondary Lower Cretaceous interval
· Cheremshanskaya No. 3 exploration well
o testing successfully completed; three separate oil pools discovered
o primary Upper Jurassic J1-3 interval tests good quality oil + water
secondary Upper Jurassic J1-1 + Bazhenov interval tests high quality oil
