TIDMPTR

RNS Number : 0834B

Petroneft Resources PLC

29 September 2022

PetroNeft Resources plc

29(th) Sept 2022

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

2021 Final Results

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, is pleased to report its final results for the year ended 31(st) December 2021.

In addition, PetroNeft announces that the Company's Annual Report and Accounts for 2021 are now available online at the Company's website www.petroneft.com .

Highlights for 2021

Financial

   --    Gross profit improved to US$1.4M (US$0.24M 2020). 
   --    Convertible debt redeemed through share issuance US$3.55M 
   --    Raised US$2.93M through existing Shareholders, Directors, and Management.

Operational

   --    Production increased by 21.2% with increases at both Licences 61 and 67. 
   --    Licence 67 brought into year-round production from C-4 well at Cheremshanskoye field.

-- Successful two well stimulation program (Sibkrayevskoye and Lineynoye fields) with investment being paid out by year end.

-- First sales achieved from mini oil processing unit located at Licence 61, generating third party revenue of US$0.19M.

Environmental Sustainability and Governance (ESG)

   --    Company maintained its safety record with zero lost time incidents in 2021 (2020: zero)

-- Created ESG Committee reporting directly to the Board and supported by new dedicated Sustainability Manager in Tomsk.

-- Refreshed and strengthened the Board with Alastair McBain taking over as Non- Executive Chairman of the Board and Eskil Jersing joining the Board as Independent Non-Executive Director.

Outlook

-- Independent reserves report (Miller and Lents) NPV10 valuation - US$522.21M (2021) - net attributable to PetroNeft based on the net 2P (Proved and Probable) for both Licenses 61 and 67.

-- Development drilling on Cheremshanskoye field (Licence 67) to commence soon, with an initial five well program.

-- Scale of Emtorskaya prospect recognized by Miller and Lents report, Pmean de-risked resource potential 96 Mbbls (gross) with estimated geological chance of success 49.8% and P10 upside potential de-risked resource of 235.3 Mbbls (gross).

-- As reported by the Company on 29(th) August, the suspension of acceptance of our oil by Nord Imperial LLC from Licence 61 remains an uncertainty; the Company will focus attention on working to find a commercially viable solution.

For further information, contact:

 
 
                                                   +44 7903 869 
 David Sturt, CEO, PetroNeft Resources plc          608 
 Brian Garrahy/Ciara O'Mongain, Davy (NOMAD and    +353 1 679 
  Joint Broker)                                     6363 
                                                   +353 1 498 
 Paul O'Kane, Murray Consultants                    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

 
 M       Million 
 ESG     Environment, Social and Governance 
        ------------------------------------------------------- 
 NPV10   Net Present Value discounting at 10% 
        ------------------------------------------------------- 
 2P      Proved + Probable Reserves, those additional 
          Reserves which analysis of geoscience and engineering 
          data indicate are less likely to be recovered 
          than Proved Reserves but more certain to be 
          recovered than Possible Reserves. It is equally 
          likely that actual remaining quantities recovered 
          will be greater than or less than the sum of 
          the estimated Proved plus Probable Reserves 
        ------------------------------------------------------- 
 Mbbls   Millions of barrels 
        ------------------------------------------------------- 
 P10     A probability methodology used to describe 
          the size of the Reserves in a Field or resources 
          in a prospect with P10 representing the 10% 
          Chance of Success 
        -------------------------------------------------------

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END

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September 29, 2022 02:00 ET (06:00 GMT)

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