H1 2017 Interim Results

2017 Interim 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 2017.

Highlights

•         Gross production from Licence 61 in H1 2017 was 2,347 bopd (1,174 bopd net to PetroNeft).

•         Testing of S-375s well continuing

o    Inflow rate of 15 m3/day (94 bopd) achieved

o    Testing will continue for several weeks

o    Electric submersible pump to be installed

Click here for Interim Financial Statements

David Golder, Chairman of PetroNeft Resources plc, commented:

“The first part of the year has seen encouraging results so far from the S-375s well and testing is continuing.

We are also actively looking at business development opportunities and are in detailed discussions in relation to same. We will update shareholders on this at the appropriate time.”

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
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 Guidance Note for Mining and Oil & 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.