Final Results 2017

June 27, 2018

27 June 2018

PetroNeft Resources plc

(“PetroNeft” or the “Group” or the “Company”)

2017 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 2017.


·         S-375s delineation well at Sibkrayevskoye produced about 150 bopd on test with an electric submersible pump

·         Gross production at Licence 61 in 2017 was 816,476 barrels of oil or an average of 2,237 bopd

o   While this represents a reduction in production it is ahead of expectations due to continued good performance of horizontal wells at South Arbuzovskoye

·         64.6 mmbbls total proved and probable (2P) reserves net to PetroNeft


·         Drilling at Cheremshanskoye No. 4 due to commence in the coming weeks – this well could significantly influence the future of the Company

·         Much improved oil prices achieved in 2018 to date

·         Company is progressing business development opportunity with due diligence and legal agreements well advanced.

Click here for 2017 Final Results

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 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.