Petroneft Resources PLC Operational update (5345R)
30 Octubre 2019 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 5345R
Petroneft Resources PLC
30 October 2019
PetroNeft Resources plc
30 October 2019
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Operational update on Licence 67 forward plans
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 provide the
following update on the Licence 67 operational plan.
Highlights
-- Plan to bring Cheremshanskoye field in Licence 67 into production during Q1 2020.
-- Exploring options to work over and re-test two wells in the
Ledovoye field, also in Licence 67, during 2020.
Licence 67 Work Plan
As previously advised to shareholders, the Company has been
examining development options for Licence 67. We are now pleased to
announce that we will be re-entering the C4 and C3 wells on the
Cheremshanskoye field during the first quarter of 2020 with the
combined aim of bringing the field into production and at the same
time providing crucial reservoir performance data. This will enable
the Company to optimise forward development of the field which
benefits from a favourable infrastructure location, allowing low
cost operations. There is a road running along the eastern edge of
the field, plus powerlines running close to the western margin of
the field, which should allow us to reduce OPEX over the longer
term.
In addition, the Company is also working on plans to re-enter
two wells on the Ledovoye field, also in Licence 67, during 2020
and will be providing further updates on these plans shortly.
Should this be successful the Company will be looking to both book
additional reserves and promptly start production from the Ledovoye
field. Like the Cheremshanskoye field, Ledovoye is ideally located
close to existing infrastructure, being only 60m away from a major
all-weather road.
David Sturt, the Company's Chief Executive Officer ("CEO")
commented,
"This is an exciting development for the Company as we work
towards commencing production from the Cheremshanskoye field in
Licence 67. Re-entering the two previously drilled wells enables us
to initiate production without the need for significant
capital.
In addition, following the approval of the Cheremshanskoye field
reserves from the State Reserves committee (GKZ) earlier this year,
the field qualifies for a 20% lower production tax which
significantly increases the value of each barrel of oil by
approximately $4/bbl in today's oil price environment.
We have outlined a twin track strategy to develop shareholder
value. These wells have the potential to both increase production
and revenues while also booking further reserves and increasing the
value of Licence 67."
For further information, contact:
+971 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
+353 1 679
John Frain/Brian Garrahy, Davy (NOMAD and Broker) 6363
+353 1 498
Joe Heron/Douglas Keatinge, 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
bbl Barrel
OPEX Operational cost
-----------------
m Metre
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END
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