Petroneft Resources PLC Final Results (6711C)
22 Junio 2021 - 2:00AM
UK Regulatory
TIDMPTR
RNS Number : 6711C
Petroneft Resources PLC
22 June 2021
PetroNeft Resources plc
22(nd) June 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
2020 Final Results
Click here to view 2020 Final Results
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 90%
owner and operator of Licences 67 and 50% owner and operator of
Licence 61 is pleased to report its final results for the year
ended 31(st) December 2020.
Highlights
-- New leadership, combined with strong local support, continues
to demonstrate significant technical, operational and financial
progress in 2020.
-- Despite external adverse factors including closing down
production in April 2020 due to oil price, gross 2020 production
averaged 1,562 bopd down only 3.2% year on year (1,614 bopd
2019).
-- Operating costs per barrel reduced by 10.3% (cost of sales
excluding depreciation and Mineral Extraction Tax) at US$12.39 per
barrel (2019: US$13.82 per barrel).
-- Loss for the year US$4.54M (2020) reduced from US$6.04M
(2019) despite 32.7% fall in realized oil price per barrel.
-- Due to the COVID-19 pandemic, the Company intends to publish
later the notice for the Annual General Meeting in order to
increase the chances of shareholders to be able to physically
attend.
2021 Update
-- Gross production currently 2,289 bopd.
-- Improved oil prices have translated into higher netbacks in 2021 to date.
-- Closing of successful acquisition of additional 40% interest
in Licence 67 (PTR working interest 90% post acquisition) ahead of
rapid transition from an Exploration to a producing asset Q1
2021.
-- Significant strengthening of the Company' Capital Structure
as evidenced by the following key indicators.
o Successful Convertible Debt raise at substantial premium to
market price of US2.9M and later retiring US2.86M Convertible Debt
through conversion.
o Increased equity holding in Licence 67 to 90% from 50%, funded
through equity issue combined with a US$1.7M loan advanced by the
seller Sarum Energy Limited.
o The strong operational performance, combined with the
improving oil price, has significantly improved the finances of the
Company which has enabled the Company to fund construction of the
all-season road and re-entry of the Ledovoye L-2a well without the
need to call down agreed financing arrangements with
Alexandrovskoye Refinery. This $1M facility remains in place,
should we decide to utilize.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented
"In 2019 we laid the crucial foundations for the survival and
future growth of the company which enabled us to meet the enormous
challenges caused by the 2020 combination of the Covid pandemic and
the precipitous fall in the price of oil.
Following continued operational improvements, the latent
potential that are the oil fields in both licenses 61 and 67 are
now starting to see the true extent of the opportunity available to
PetroNeft. By continuing to improve our understanding of the
company's assets we are continually identifying low risk growth
opportunities whilst also maintaining our focus on operational
efficiencies. The Company is ideally placed to extract the
significant value proposition that PetroNeft Resources
represents.
Moving into 2021, there is renewed global optimism in our
sector. Due to the steps taken in 2019 and 2020 combined with the
dedication of our staff and support of our stakeholders we are well
placed to continue to develop the company and the true value of the
assets."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 608
John Frain/Ciara O'Mongain, Davy (NOMAD and Joint +353 1 679
Broker) 6363
+353 1 498
Joe Heron / Douglas Keating, 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
bopd Barrels of oil per day
M Million
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