November 23, 2012

Operations update


· Arbuzovskoye well 109 successfully completed and put into production

· The well is just beginning to stabilise after experiencing flow line problems caused by the very cold weather. We expect the initial flow rate of 100 bopd to increase somewhat

· There is no water production associated with the well

· Arbuzovskoye well 111 drilling ahead

· Group production is currently 2,500 bopd; however, 4 production wells are currently off line for remedial work on pumps

· The 4 off line wells plus well 111 are expected to be all on line by year end.

October 26, 2012

EGM Notice and Circular

Further to the press release of 25 October 2012, the Circular to convene an EGM to approve, amongst other things, the second tranche of the placing was recently posted to Shareholders. The EGM will be held at 11.00 am on Monday 19 November 2012 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland.

October 25, 2012

Share Placing

  • Gross proceeds of US$17.25 million raised at Stg£0.05 per share in a placing with institutional and other investors
  • US$7.5 million will be used in part repayment of the Macquarie Bank Limited (“Macquarie”) loan facility with the balance to be used to finance the continuation of the 2012-2013 Arbuzovskoye development programme, working capital and transaction costs
  • Macquarie borrowing base facility amended
  • US$1 million of remaining facility to be converted into equity by Macquarie to retain its pre-placing shareholding

October 22, 2012

Arbuzovskoye 102 well - record flow rate


· Arbuzovskoye well 102 successfully completed with an initial flow of 540 bopd

· Flow rate is highest ever achieved without fracture stimulation in Licence 61

· Production confirms good reservoir properties interpreted from log and core data

· Arbuzovskoye well 109 drilling ahead

· Group production increases to over 2,700 bopd with addition of well 102

October 11, 2012

Operations update - Arbuzovskoye 102 well


· Arbuzovskoye well 102 successfully drilled and logged

· Initial results positive with similar reservoir properties to prior wells

· Confirms J1-1 reservoir in eastern portion of the field

· Group production remains stable above 2,200 bopd

September 28, 2012

Interim Results for the Half Year Ended 30 June 2012


· H1 production of 394,652 barrels of oil for the period – average of 2,168 bopd

· Arbuzovskoye oil field brought into production from the discovery well

· Successful completion of the first of ten planned Arbuzovskoye production wells

· Lineynoye pad 2 studies to inform future field development strategies

· New debt facility for US$15 million agreed with Arawak Energy

· Current group production 2,300 bopd

September 24, 2012

Update on Arbuzovskoye well No. 101


· Arbuzovskoye well 101 successfully completed with a stabilised flow of 310 bopd

· Production confirms good reservoir properties interpreted from log and core data

· Arbuzovskoye well 102 drilling ahead

· Group production increases to 2,300 bopd with addition of well 101

September 19, 2012

Operations update

· Arbuzovskoye well 101 successfully drilled and completion underway

· Initial results positive with similar reservoir properties to prior discovery well

· Arbuzovskoye well 102 drilling ahead

· Group production remains stable at 2,000 bopd

August 13, 2012

Operations update


· Drilling of new production wells commences at Arbuzovskoye

· Two Lineynoye wells converted to water injectors for planned pressure support

· Production stable at 2,000 bopd

· Benefit of pressure support and new production wells anticipated over coming months

June 29, 2012

2011 Final results and operations update

2011 Final results and annual report published

June 2012 Operations Update

  • Arbuzovskoye No.1 well producing at 350 bopd without fracture stimulation.
  • Current total production steady at 2,200 bopd exclusive of wells temporarily shut-in for pressure transient testing.

May 31, 2012

New Debt Facility and Operations Update

· US$15 million three-year term loan agreed with Arawak Energy (“Arawak”)

· New Area of Mutual Interest Agreement agreed with Arawak

· Production drilling to commence at Arbuzovskoye

· Production stable at 2,200 bopd

April 2, 2012

Reserves and Operations update

PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations.


· PetroNeft’s 2P reserves increase 36% to 131.7 mmbbls

o Sibkrayevskoye 49.83 mmbbls

· PetroNeft’s proved reserves (P1) increase 50% to 20.03 mmbbls

o Lineynoye 8.86 mmbbls

· Ledovaya No. 2a well achieves natural flow

· Arbuzovskoye pipeline construction completed; Development Programme on schedule

· Option to advance Sibkrayevskoye development later this year

· Production remains steady at 2,300 bopd

February 17, 2012

Operations update

· Year end production reached approximately 3,000 bopd; current production steady at 2,300 bopd

o Lineynoye Pad 1 responded to pressure maintenance

o Lineynoye Pad 2 fracture results below expectations

· Arbuzovskoye Development ahead of schedule

o Pipeline production expected to commence in Q2 2012

o Plans for 10 new production wells in 2012 progressing ahead of schedule

· Ledovaya 2a exploration well

o oil encountered in primary Upper Jurassic interval

o oil discovered in secondary Lower Cretaceous interval

· Cheremshanskaya No. 3 exploration well

o testing successfully completed; three separate oil pools discovered

o primary Upper Jurassic J1-3 interval tests good quality oil + water

secondary Upper Jurassic J1-1 + Bazhenov interval tests high quality oil

December 6, 2011

Operations Update

· 10 well hydraulic fracturing programme completed

o Wells now being brought back online and cleaning-up

o Initial results encouraging

· Additional five well hydraulic fracturing programme planned on Pads 1 and 2 in January / February 2012

· Cheremshanskaya No. 3 well testing progressing successfully

o Lower Jurassic J14 interval achieves natural flow

o Primary Upper Jurassic J1-3 interval may contain 7.0 metres of net oil pay

· Arbuzovskoye Development Programme Approved by Russian Government

· Ledovoye exploration well spudded on 5 December

October 19, 2011

Cheremshanskaya Discovery

· Cheremshankaya No. 3 well discovers two hydrocarbon pools

o Oil discovery in main Upper Jurassic target

o Gas/oil discovery in Lower Jurassic target

o Successful open hole inflow test on both intervals

· Development drilling at Lineynoye continues to push field boundary further north

· The hydraulic fracturing programme at Lineynoye to commence shortly

September 21, 2011

North Varyakhskaya Discovery

· Seventh oil field discovered in Licence 61

· North Varyakhskaya No. 1 well makes oil discovery in main Upper Jurassic target

o 2.2 metres of net oil pay confirmed in J1-1 interval

o Open hole inflow test of 36 bfpd (unstimulated)

September 20, 2011

Interim Results H1 2011

· Maiden pre-tax profit of US$3.8 million

· H1 production of 399,327 barrels of oil for the period

· Major exploration success at Sibkrayevskaya with potential to increase Group reserves by at least 50%

· Extension of Lineynoye field to the north has significant implications for overall structure size

· New tax law passed which will boost future cash flows

· Improved debt facility for up to US$75 million agreed with Macquarie Bank

August 4, 2011

Sibkrayevskaya Discovery

· Sibkrayevskaya No. 372 well makes significant oil discovery in main Upper Jurassic target

o Approximately 12.6 metres of net oil pay in J1 interval – exceeding pre-drill estimates

o Good reservoir properties indicated with oil saturation throughout

o Open hole inflow test of 170 bopd (unstimulated)

o Sixth oil field discovered in Licence 61

July 6, 2011

Operations Update


· Kondrashevskoye No. 2 sidetrack well confirms 2P reserves

· Lineynoye 206 contains thickest oil pay encountered to date

· Lineynoye/West Lineynoye has materially thicker pay and extends significantly further north than originally anticipated

· Several new oil bearing structures are now likely to the north of Lineynoye/West Lineynoye

June 22, 2011

Operations Update

· Production currently averaging about 2,500 bopd, primarily from 7 wells

· Autumn production enhancement programme planned to re-frac, with larger frac sizes, existing wells on Pad 1 and new wells on Pad 2

· Planned number of wells required from Pad 3 to be reduced recognising thinner oil pays

· Extension of Lineynoye oil field north of Pad 2 with thicker pay zones expected in the longer term to compensate for reserve and production reductions from Pad 3

Q1 2012 production target has been revised to between 4,000 to 5,000 bopd and Q2 2013 to between 7,000 to 9,000 bopd