News

Production at Licence 61 in the fourth quarter of 2017. 

Licence 61 Gross Production	Q4-2017	Q3-2017	Q2-2017	Q1-2017	FY 2017	FY 2016	FY 2015
Total gross production	198,708	192,956	200,208	224,604	816,476	990,887	737,655
Gross bopd	2,160	2,097	2,200	2,496	2,237	2,707	2,021
PetroNeft 50% share bopd	1,080	1,049	1,100	1,248	1,118	1,354	1,010

 

Highlights
• US$2 million loan agreed with Petrogrand AB
• Operations – Winter production from Sibkrayevskoye is getting underway

PetroNeft provides an update on oil production at Licence 61 in the third quarter of 2017 and for October 2017.

 

Licence 61 Gross Production	Oct-17	Q3-2017	Q2-2017	Q1-2017	FY 2016	FY 2015
Total gross production	65,804	192,956	200,208	224,604	990,887	737,655
Gross bopd	2,123	2,097	2,200	2,496	2,707	2,021
PetroNeft 50% share bopd	1,061	1,049	1,100	1,248	1,354	1,010

 

Highlights

• Testing of the S-375s well has been completed, confirming the productivity of the reservoir in this part of the oil field.
• An ESP was run in the well and achieved a peak rate of 210 bopd on an 8 mm choke and a sustained rate of 150 bopd on a 4 mm choke.
• The well has been shut in until winter roads can allow oil to be trucked to the Lineynoye processing facilities. 

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

• Electric submersible pump to be installed

Click here for Interim Financial Statements

Highlights
· S 375 delineation well and S-375s sidetrack well contain 4.8 m and 14.8 m respectively of net oil pay based on log and core data
· Testing contractor being mobilised to field with results expected by end September
· Reserve calculation and Development Plan being updated

PetroNeft provides an update on oil production at Licence 61 in the second quarter of 2017. 

Licence 61 Gross Production	Q2-2017	Q1-2017	Q4-2016	Q3-2016	Q2-2016	FY 2016	FY 2015
Total gross production	200,208	224,604	255,068	305,126	223,877	990,887	737,655
Gross bopd	2,200	2,496	2,772	3,317	2,460	2,707	2,021
PetroNeft 50% share bopd	1,100	1,248	1,386	1,658	1,230	1,354	1,010

 

PetroNeft (AIM: PTR) is pleased to announce that it has commenced drilling the S-375 delineation well at Sibkrayevskoye. It is expected to take up to eight weeks to drill and test the well. The S-375 well is being drilled on the northern structural lobe of the field approximately 2km south of existing wells that contained about 10m of net pay.

Highlights
• Significant success in horizontal drilling at South Arbuzovskoye although result of the 10km step-out S-374 well on Sibkrayevskoye was disappointing 
• Gross production from Licence 61 increased 35% compared to 2015:

o Gross production 990,931 barrels of oil
o Average gross production of 2,707 bopd (2015: 2,021 bopd)
o Net to PetroNeft 1,353 bopd (2015: 1,010 bopd)

• 65.0 mmbbls total proved and probable (2P) reserves net to PetroNeft

Oil production at Licence 61 in the first quarter of 2017.

Licence 61 Gross Production	Q1-2017	Q4-2016	Q3-2016	Q2-2016	Q1-2016	FY 2016	FY 2015
Total gross production	224,604	255,068	305,126	223,877	206,816	990,887	737,655
Gross bopd	2,496	2,772	3,317	2,460	2,273	2,707	2,021
PetroNeft 50% share bopd	1,248	1,386	1,658	1,230	1,136	1,354	1,010

In order to further de-risk the field before committing to significant full field development expenditure it has been decided to drill an additional delineation well, S-375, before commencing the full development of the field. The S-375 well will be drilled on the northern structural lobe of the field approximately 2km south of existing wells that contained approximately 10m of net pay. This well will be spudded in Q2-2017 and completed this summer. 

Oil production at Licence 61 in 2016.

Licence 61 Gross Production	Q4-2016	Q3-2016	Q2-2016	Q1-2016	FY 2016	FY 2015
Total gross production	255,068	305,126	223,877	206,816	990,887	737,655
Gross bopd	2,772	3,317	2,460	2,273	2,707	2,021
PetroNeft 50% share bopd	1,386	1,658	1,230	1,136	1,354	1,010

Quarterly Production Update

Oil production at Licence 61 in the third quarter of 2016.

Licence 61 Gross Production	Q3-2016	Q2-2016	Q1-2016	Q1-Q3 2016	Q1-Q3 2015
Total gross production	305,126	223,877	206,816	735,819	519,785
Gross bopd	3,317	2,460	2,273	2,685	1,904
PetroNeft 50% share bopd	1,658	1,230	1,136	1,343	952

2016 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 2016.

Highlights

• Current gross production from Licence 61 is about 3,200 bopd.

• Represents a 39% increase in production in 2016.

• New wells drilled at South Arbuzovskoye during period drove production growth.

Click here for Financials 

Sibkrayevskoye Well S-374 - Vertical Delineation Well

· Two tight sandstone reservoirs encountered in the J1-2 interval

· Well tested water with no hydrocarbons present

Well will be plugged and abandoned

Highlights

Fourth successful well drilled at South Arbuzovskoye

Further increases to record production levels

Production

· Current gross production from Licence 61 increased to about 3,700 bopd (1,850 bopd net to PetroNeft)

· Increase due to new A-216 well at Arbuzovskoye

This is a new record high production for the Licence area, improving further the levels reported at the beginning of the month

Highlights

Third successful well drilled at South Arbuzovskoye

Fourth well added as follow-up

Record production achieved

Production

· Current gross production from Licence 61 increased to about 3,500 bopd (1,750 bopd net to PetroNeft).

· Increase due to three strongly performing new wells at Arbuzovskoye.

· This is the all-time record high production for the Licence area.

Highlights

· Gross production 737,655 barrels of oil from Licence 61 in 2015

o Average gross production of 2,021 bopd

o Current gross production about 3,000 bopd

· 11 Wells drilled in 2015

· 1,000 km of 2D seismic acquired at Licence 61 in 2015

· 65.5 mmbbls total 2P reserves net to PetroNeft

Outlook

· Further production increases likely from South Arbuzovskoye

· Drilling at Sibkrayevskoye No. 374 due to commence in July 2016 – potential for material increase in reserves

Active, fully funded work programme planned at Licence 61 in 2016 and 2017