Interim Results for the Half Year Ended 30 June 2012
September 28, 2012
September 28, 2012
PetroNeft Resources plc
(“PetroNeft” or the “Company”)
2012 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 2012.
Highlights:
· H1 production of 394,652 barrels of oil for the period – average of 2,168 bopd
· Arbuzovskoye oil field brought into production from the discovery well
· Successful completion of the first of ten planned Arbuzovskoye production wells
· Lineynoye pad 2 studies to inform future field development strategies
· New debt facility for US$15 million agreed with Arawak Energy
· Current group production 2,300 bopd
Click here to download Interim Accounts
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“The first part of 2012 was challenging but we now better understand the Lineynoye Pad 2 performance and believe the studies will enable us to avoid such outcomes in the future. The recent results from the Arbuzovskoye oil field have however been very encouraging and demonstrate that PetroNeft is now on the right track to progressively grow its production and cash flows. We look forward to completing the additional Arbuzovskoye wells over the coming months and the resulting increase in our production profile and cash flows.”
For further information, contact:
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Dennis Francis, CEO, PetroNeft Resources plc |
+353 1 647 0280 begin_of_the_skype_highlighting |
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Paul Dowling, CFO, PetroNeft Resources plc |
+353 1 647 0280 begin_of_the_skype_highlighting |
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John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
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+353 1 679 6363 begin_of_the_skype_highlighting |
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Henry Fitzgerald-O’Connor, Canaccord Genuity Limited (Joint Broker)
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+44 207 523 8000 begin_of_the_skype_highlighting |
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Martin Jackson/Jack Rich, Citigate Dewe Rogerson |
+44 207 638 9571 begin_of_the_skype_highlighting |
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Joe Murray/Ed Micheau, Murray Consultants |
+353 1 498 0300 begin_of_the_skype_highlighting |
