News


June 23, 2015

Final Results 2014

2014 Highlights

· Licence 61 Farmout to Oil India Limited completed in July 2014.

· Total investment by Oil India will be up to US$85 million.

· Licence 61 Farmout has left the Company debt free and is funding a major well drilling campaign.

· Drilling recommenced in August 2014.

· Production 728,826 barrels of oil from Licence 61 in 2014.

May 22, 2015

Operations Update

Highlights

Sibkrayevskoye

• Sibkrayevskoye No. 373 appraisal well flows 100 bopd (stabilised, unstimulated natural flow) and confirms 11.5 m net oil pay. Flow rates with a pump would be considerably higher.

• Acquisition of 1,000 km of high quality 2D seismic completed.

March 20, 2015

Operations Update

Highlights

Tungolskoye

• Tungolskoye Development drilling contract awarded to Eurasia Drilling, one of the largest drilling companies in Russia

Arbuzovskoye

• Arbuzovskoye further wells now on production

Sibkrayevskoye

• Sibkrayevskoye No. 373 appraisal well has spudded, result expected in April 2015

February 3, 2015

Operations Update

Highlights

Tungolskoye

· Tungolskoye No. 5 well tested at over 600 bopd and is now in production

· Development of Tungolskoye to proceed immediately

o 11 well Tungolskoye campaign to commence in Q2 2015

o Tenders awarded for drilling and for the development of additional infrastructure at Tungolskoye

Arbuzovskoye & Sibkrayevskoye

· Arbuzovskoye 103 well now in production at a stabilised average rate of 125 bopd and confirms southern lobe of field

· Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly

· Arbuzovskoye 107 well has been spudded

December 18, 2014

Operations Update

Licence 61

· Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd

· Arbuzovskoye 103 well drilling ahead

· Drilling of Tungolskoye 5 horizontal well continuing

· Total production now at 1,850 bopd

· Seismic crew mobilised to the Sibkrayevskoye field

Licence 67

· Processing and interpretation of 3D seismic survey completed

· Reserves calculation for Russian State Approval being finalised

Corporate

· Weakening Russian Rouble acting as a natural hedge to falling oil prices

October 14, 2014

Tungolskoye No. 5 update

· Vertical pilot hole successfully completed

· Structural interpretation of Tungolskoye confirmed

· Open hole flow test of 100 bopd, unstimulated

· 8.2 metres of net oil pay encountered

· Horizontal section of T-5 well to commence

September 26, 2014

Interim Results for the Half Year Ended 30 June 2014

Highlights:

· H1 production average of 2,163 bopd.

· Farmout of Licence 61 to Oil India completed, Company is now debt-free.

· Drilling underway at Tungolskoye and Arbuzovskoye.

August 19, 2014

Drilling Operations Re-commencing

· Drilling crew mobilised to commence drilling of Tungolskoye No. 5 well within the next week

· Second Drilling crew to re-commence production drilling at Arbuzovskoye will be mobilised shortly

· The Sibkrayevskoye No. 373 delineation well will follow the Tungolskoye No. 5 well

Seismic acquisition crew mobilised to commence operations for the acquisition of 1,000 km of high resolution 2D seismic in Q1 2015

July 4, 2014

Completion of Licence 61 Farmout

· All debt repaid

· Drilling to re-commence at Licence 61 this month as part of a fully funded exploration and development programme

· Introduces a strong industry partner seeking to build an oil and gas business and strategic position in Russia

· New chapter begins for a significantly strengthened PetroNeft

June 30, 2014

Update on Licence 61 Farmout

·         All Russian Regulatory Approvals received

·         Completion of transaction expected in the coming days

·         All debt to be repaid

·         Drilling to re-commence at Licence 61

June 27, 2014

Final results 2013

· Revenue up 12% to $38.6m

· Production up 8% to 870,965 barrels of oil

· Net loss of $9m, driven by $6m foreign exchange loss on intra-group loans

· Licence 61 Farmout will leave Company debt free and fund major well drilling campaign

May 9, 2014

EGM Results

  • Farmout of 50% of Licence 61 approved by shareholders
  • Resolutions proposed by Natlata not approved by shareholders

April 24, 2014

Licence 61 Farmout EGM - Publication of Circular

Further to the announcement of 17 April 2014 in connection with the farmout of a 50 per cent. non-operating interest in Licence 61 to Oil India Limited, a Circular to convene an EGM to approve the Licence 61 Farmout (the “Licence 61 Farmout EGM”) has been posted to Shareholders. It will be held at 10.30 am on 9 May 2014 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland

April 17, 2014

Licence 61 Farmout Agreement with Oil India Limited

Highlights

· Total investment by OIL of up to US$ 85 million consisting of:

· US$ 35 million upfront cash payment

· US$ 45 million of exploration and development expenditure on Licence 61

· US$ 5 million performance bonus

· PetroNeft to remain operator of Licence 61

· Subject to regulatory and shareholder approvals with completion expected around end-May 2014

Up to six well drilling campaign to start on completion of farmout

April 15, 2014

Licence 61 Farmout Update

All legal documentation and due diligence is now complete and the Company expects to execute binding legal agreements within the next week. Macquarie Bank Limited have been advised of this timetable. Shareholders will be updated fully once the agreements are signed.

April 1, 2014

EGM Requisition and Publication of Circular

EGM Requisition and Publication of Circular

Board Recommends Shareholders to Vote AGAINST ALL Resolutions

March 18, 2014

EGM Proposal

PetroNeft announces that it has received a proposal from Natlata Partners (the "Proposing Shareholder"), a holder of in excess of 10 percent of the share capital of the Company, to call an extraordinary general meeting of the Company ("EGM"). The Company is currently considering this proposal with its advisers.

March 17, 2014

Funding & Operations Update

Highlights

  • $6.7 million fundraising consisting of
    • $5.2 million new equity issue at 5 pence per share
    • $1.5 million in debt
  • Production higher at 2,400 bopd, reflecting improved well performance
  • Licence 61 farmout confirmatory due diligence and legals progressing well; completion anticipated in coming weeks

January 16, 2014

Operations Update

Highlights

  • Delineation drilling results at Lineynoye No. 9 indicate the J1-1 interval is oil saturated and in line with expectations.
  • Average Production remains at about 2,300 bopd, with additional workovers planned.
  • Farmout negotiations well advanced with an international oil company.

December 3, 2013

Operations update

Highlights

  • Drilling operations re-commenced
  • Production currently 2,300 bopd, workovers planned once winter roads available
  • Continued progress on re-financing as discussions widen to include additional parties