TIDMPTR
RNS Number : 0859A
Petroneft Resources PLC
17 January 2020
PetroNeft Resources plc
17(th) January 2020
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Operational update and Board Changess
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 announce the
following:
Operational Highlights
-- Contract awarded and construction commenced on mini oil
processing facility on Licence 61, completion due in 2020.
-- Operations commence on Licence 67 with construction of winter
road linking the C-4 and C-3 wells to the road and contract awarded
for work over rig for the C-4 well work over which will start in
January.
Board Changes:
-- Maxim Korobov has elected to resign from the Board. Pavel
Tetyakov, the Company's Vice President of Business Development and
Daria Shaftelskaya join the board with immediate effect.
Operations Update
Licence 61
On Licence 61, we have signed the contract for the construction
of the mini oil processing facility with a Russian manufacturer who
have considerable experience building similar facilities within the
Tomsk region. The facility has a payback period of less than one
year and is predicted to reduce operating costs by at least $1/bbl
due to substantially reducing third party fuel purchases.
To increase production, the Sibkrayevskoye field is being placed
in year-round production during 2020. Historically the field has
produced between 200-250bopd for three months during the winter
season when ice roads have enabled the oil to be trucked out. Work
has already started on connecting the field to the central
processing facility and completion is expected during second
quarter 2020. As well as the additional production, having the
field in year round production will provide crucial longer term
reservoir performance data which will de-risk further development
of the field.
Licence 67
As announced earlier, the company plans to place the
Cheremshanskoye field (19.26mmbbls C1+C2, approximate to 2P) into
production during 2020 by re-entering the C-4 and C-3 well. Work
has already started on this program with the construction of the
winter road linking the C-4 and C-3 wells to an all-weather road
and the award of the work over rig contract. Construction of the
winter road will be complete by the middle of January enabling the
work over rig to be mobilised to the C-4 well initially with
re-entry of the well expected before the end of January. This will
be followed by a testing program and then based on success, an ESP
will be placed into the well and then the well will be produced for
a two to three month period. On successful completion of this
phase, an all-weather road will be built connecting the C-4 well to
the all season road which will then enable all year round
production. The all season road will be completed by the end of the
second quarter 2020.
Board Appointments
As previously guided, Daria Shaftelskaya has been appointed to
the board as a non-executive director, she joins the Board with
immediate effect. She brings her strong finance background and in
addition, being from Tomsk, good regional knowledge.
Maxim Korobov has elected to retire from the board after four
years. During this time he has been a considerable asset to the
company due to his experience and knowledge, in addition he has
continued to provide support through each fund raising, including
the most recent one; we wish Maxim well and thank him for his
excellent service.
Pavel Tetyakov will also be joining the board with immediate
effect as executive director. Pavel has been working with PetroNeft
as Vice President, Business Development since 2016. He brings with
him considerable experience having worked previously with
PetroKazakhstan and involved in the building of Exillon Energy in
addition to top management positions in a number of private and
public oil companies with operations in Russia.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented:
"Following on from our recent capital raise, I am very pleased
that we have been able to accelerate our operational plans on both
licence 61 and 67. 2020 is going to be an exciting year for the
company as we move forward with plans to start producing oil from
Licence 67 at the same time as focusing on an investment plan on
Licence 61 which improves operating costs and increasing production
without the need to deploy any drilling capital.
I am also delighted that the board has been further strengthened
with the appointments of Daria and Pavel. I have successfully
worked with Pavel on several projects including building a
successful exploration and appraisal program at PetroKazakhstan and
building from scratch what became Exillon Energy. Daria will bring
additional financial expertise and exceptional local knowledge of
operating in the Tomsk region."
David Golder, Chairman of PetroNeft Resources plc,
commented:
"I am pleased to welcome both Daria and Pavel to the board.
Their significant experience and knowledge of the Russian Oil
Industry will considerably expand the knowledge of the Board. I
would also like to take this opportunity of thanking Maxim for his
considerable effort over the last four years and his continued
support for the business."
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
Current and Previous Directorships of Mr Tetyakov and other
matters required to be notified in accordance with paragraph (g) of
Schedule 2 to the AIM Rules and Euronext Growth Rules
Company Status
PetroSibir AB Current
---------
Progres-S LLC Current
---------
GeoSyrye LLC Current
---------
NedraPlus LLC Current
---------
PetroGrand AB Previous
---------
Mr Tetyakov holds 12,444,530 shares in the Company. There are no
other matters which are required to be announced pursuant to
paragraph (g) of Schedule 2 to the AIM Rules and Euronext Growth
Rules.
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
$/bbls Dollars per barrel
bopd Barrels of oil per day
------------------------------------------------------
mmbbls Million barrels
------------------------------------------------------
ESP Electric Submersible Pump
------------------------------------------------------
C1 + C2 Russian State Reserves C1 + C2, equivalent
to 2P (Proven and Probable)
------------------------------------------------------
2P Proven and Probable reserves under the Society
of Petroleum Engineers Petroleum Reserves Management
System
------------------------------------------------------
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END
UPDBLGDBRUBDGGL
(END) Dow Jones Newswires
January 17, 2020 02:00 ET (07:00 GMT)
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