Petroneft Resources PLC Appointment of Independent Reserve Auditor (3983D)
29 Junio 2021 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 3983D
Petroneft Resources PLC
29 June 2021
PetroNeft Resources plc
29(th) June 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Appointment of Independent Reserves/Resource Auditor
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 provides the following update.
Highlights
-- Miller and Lents have been awarded the contract to
independently audit the company's reserves/resource.
-- New reserve/resource report due to be published before the end of Q3.
Following the recent successful operations on both our licences,
combined with the improved knowledge of the assets' geology and
potential gained over the last two years, the Company is pleased to
announce that Miller and Lents (M&L) have been awarded the
contract to carry out an independent reserves and resource audit of
the Company's assets. The audit will be performed in accordance
with the standards of the Petroleum Resource Management System
(PRMS) which was prepared by the Oil and Gas Reserves Committee of
the Society of Petroleum Engineers (SPE).
M&L have over 25 years of extensive experience working in
Russia on evaluating assets for a variety of International and
Russian companies operating within the West Siberian Basin, and
have particular knowledge and experience of oil and gas assets in
the Tomsk oblast.
The project is expected to be completed before the end of Q3, at
which time the Company will provide an update of the results.
The last reserves/resource audit was completed by Ryder Scott in
2016.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented
"Our work programme over the last two years has been focused on
building our understanding of the licences, delivering improvements
in performance from existing operations and low cost
exploration/appraisal which would unlock value. We believe that
this has been successful. Undertaking a new reserve / resource
audit will help us further understand our licences and how we can
move them forward. I look forward to updating shareholders".
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.
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END
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