Interim Results for the Half Year Ended 30 June 2020


October 30, 2020

PetroNeft Resources plc ('PetroNeft' or 'the Company')

 

2020 Interim Results

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is pleased to report its final results for the six months ended 30 June 2020.

Highlights

  • Gross production from Licence 61 in H1 2020 1,566 bopd (783 bopd net to PetroNeft). 
  • Completed construction of a 26 km pipeline connecting Sibkrayevskoye field to the Central Processing Unit significantly ahead of schedule and within budget, allowing year-round production from Sibkrayevskoye which commenced from the end of March 2020. 
  • Optimisation of the water flood program at the Lineynoye field resulting in a 20% year on year increase in production (July to July). 
  • Successfully completed extended well test of the C-4 well producing and selling 1,200 bbls of oil at competitive rates. 
  • Restarted construction of mini refinery at License 61, which is now under test production. 
  • Daria Shaftelskaya and Pavel Tetyakov joined the board, while Maxim Korobov resigned after almost 4 years as a director.

Click here for Interim financials

David Golder, Chairman of PetroNeft Resources plc, commented

‘The first half of 2020 presented many challenges to the company through the dual effects of the Covid pandemic and turmoil in the world’s energy markets. We have however been seeing increased stability through the third quarter and are optimistic that this will continue through the end of 2020 and into 2021. 

With the success of the C-4 extended well test combined with stabilising production at Licence 61, we believe the company is well positioned to benefit from a future improvement in the market. We are particularly looking forward to an active winter work program at the end of this year and in to 2021.”

  

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc

+971 55 1919 808

John Frain/Caroline Pearson, Davy (NOMAD and Joint Broker)  

+353 1 679 6363

Joe Heron / Douglas Keatinge, Murray Consultants

+353 1 498 0300

 

The information contained in this announcement has been reviewed and verified by Mr. David Sturt, Chief Executive Officer and Executive Director 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. Sturt holds a B.Sc. Degree in Earth Sciences from Kingston University and an MSc. in Exploration Geophysics from The University of Leeds. He is a member of the Petroleum Exploration Society Great Britain and has over 35 years’ experience in oil and gas exploration and development.

 

Glossary

bbls

Barrels

bopd

Barrels of Oil Per Day