Petroneft Resources PLC Successful Testing of Mini Oil Refinery (4310B)
08 Octubre 2020 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 4310B
Petroneft Resources PLC
08 October 2020
PetroNeft Resources plc
8(th) October 2020
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Successful testing of Mini Oil Refinery
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
successful testing of the mini oil refinery on Licence 61 ahead of
schedule.
Highlights
-- Successful testing of mini refinery processing unit on Licence 61.
-- Regulatory approval in process, expected to be in place by Q1 2021.
-- Project set to significantly reduce operating expenditure
In January 2020 the company commenced construction of a mini oil
processing facility on Licence 61 to eliminate the need to purchase
the significant volumes of diesel fuel required for machinery and
electricity generation at production facilities, especially during
the winter months. The project will reduce 2021 operating costs by
over $600,000. In addition it will further improve the company's
economics by enabling excess product to be sold on the local market
at a significant premium to unrefined barrels.
Due to the oil price drop associated with the Covid outbreak,
the project was paused in March to reduce costs and Covid exposure
from subcontractors. Once the market outlook started to improve in
June, the Company was able to continue the work using its own
personnel.
Following successful testing of the refinery unit, the next
stage is to receive final regulatory sanction, a process that can
only start once the plant has been tested. Certification is
expected to be in place during Q1 2021.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented:
"This is a major success for the company. The project will not
only significantly reduce operating costs per barrel but also open
up a new value - added revenue stream for excess product.
We are particularly pleased by the fact that, in spite of delay
caused by external factors, and the ongoing disruption caused by
Covid, our team was able to complete the project without relying on
outside contractors, which is a testament to their innovation,
commitment and determination".
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPGAGUUPUGQM
(END) Dow Jones Newswires
October 08, 2020 02:00 ET (06:00 GMT)
Petroneft Resources (LSE:PTR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Petroneft Resources (LSE:PTR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024