Final Results 2016
June 30, 2017
30 June 2017
PetroNeft Resources plc
(“PetroNeft” or the “Group” or the “Company”)
2016 Final Results
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 2016. In addition, PetroNeft announces that the Company's Annual Report and Accounts for 2016 and Notice of the 2017 AGM will be mailed to shareholders later today and will be available online at the Company's website www.petroneft.com.
Highlights
· Significant success in horizontal drilling at South Arbuzovskoye although result of the 10km step-out S-374 well on Sibkrayevskoye was disappointing
· Gross production from Licence 61 increased 35% compared to 2015:
o Gross production 990,931 barrels of oil
o Average gross production of 2,707 bopd (2015: 2,021 bopd)
o Net to PetroNeft 1,353 bopd (2015: 1,010 bopd)
· 65.0 mmbbls total proved and probable (2P) reserves net to PetroNeft
Outlook
· Drilling at Sibkrayevskoye No. 375 due to commence in July 2017 – further delineation of major discovery
· Active work programme planned at Licence 61 in 2017 and 2018
· Business Development activity ongoing to identify new opportunities
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“2016 was a busy and challenging year for PetroNeft, during which the Company carried out an extensive drilling programme at Licence 61, raising production and gaining further understanding of our development opportunities.
The year ahead continues to present challenges but also some grounds for optimism. We have great support in our much valued partnership with Oil India. Together we see opportunities to strengthen and grow our Company through development and possibly acquisition. In the near term, we look forward to the S-375 well, which is due to commence in the coming weeks and is being drilled about 2km from existing wells, which could add material proved (P1) reserves and determine our 2018 Sibkrayevskoye development plans.”
For further information, contact:
|
Dennis Francis, CEO, PetroNeft Resources plc |
+1 713 988 2500 |
|
Paul Dowling, CFO, PetroNeft Resources plc |
+353 1 647 0280 |
|
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker) |
+353 1 679 6363 |
|
Henry Fitzgerald-O’Connor, Canaccord Genuity Limited (Joint Broker) |
+44 207 523 8000 |
|
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson |
+44 207 638 9571 |
|
Joe Heron / Douglas Keatinge, Murray Consultants |
+353 1 498 0300 |
The information contained in this announcement has been reviewed and verified by Mr. Dennis Francis, Director and Chief Executive Officer of PetroNeft, for the purposes of the Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr. Francis holds a B.S. Degree in Geophysical Engineering and a M.S. Degree in Geology from the Colorado School of Mines. He has also graduated from the Harvard University Program for Management Development. He is a member of the American Association of Petroleum Geologists and the Society of Exploration Geophysicists. He has over 40 years’ experience in oil and gas exploration and development.
