Petroneft Resources PLC Licence 67 Financing Arrangements (5079Z)
21 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 5079Z
Petroneft Resources PLC
21 September 2020
PetroNeft Resources plc
21(st) September 2020
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Licence 67 Financing Arrangements,
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 financing update:
-- Heads of Terms signed with Alexandrovskoye Oil Refinery
("AOR") to provide up to $1M to finance infrastructure development
on Licence 67 to enable year-round production from 2021.
Highlights
Following successful completion of the C4 extended well test at
the Cheremshanskoye field on Licence 67 earlier this year, a
non-binding Heads of Terms Agreement has been executed between the
owner and operator of Licence 67, LLC Lineynoye (50% owned by
Petroneft Resources) and AOR for a financing arrangement
("Facility") to finance the cost of constructing an all-season road
to connect the C4 well with the local year-round road network up to
a maximum of $1 million. The financing will be repaid in tranches
with produced oil at market rates. The Heads of Terms agreement
commits parties to negotiate and enter into a binding Agreement
within a 30-day period. The facility will cover the entire
anticipated cost of road construction.
AOR is a company located at Alexandrovskoye town in the
north-western part of the Tomsk region located 230km from the
Cheremshanskoye oil field. In 2020 AOR purchased all the oil
produced from the C4 well during the recent extended well test at
well head at competitive market rates.
Production will re commence from the C4 well as soon as the
winter road is in place which is expected to be by the end of
December 2020, subject to the weather conditions. Construction of
the new all-weather road will occur through the winter months with
completion planned to be by the end of Q1 2021. This will enable
year-round production from next year. At present the well can only
produce for three to four months each winter.
The quality of the road will ensure all-season access by oil
trucks, drilling/workover rigs, and passenger vehicles, thereby
removing the seasonal barriers that are usual in West Siberia,
increasing revenue by initiating year-round production and reducing
operational expenses and complexity. It may also be able to service
future producing wells in the license area in the event of
successful drilling.
David Sturt, Chief Executive Officer of PetroNeft Resources plc,
commented:
"This is a very exciting development. The financing arrangement
will enable us to establish year-round production from Licence 67
from the beginning of 2021 and also provides a secure buyer for our
produced oil at competitive market rates. It may also have further
value, as we look at the potential of further development on
Licence 67.
We will be working hard with Alexandrovskoye Refinery to ensure
we are able to sign a binding agreement within the 30-day
period."
For further information, contact:
+97 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
John Frain/Brian Garrahy, Davy (NOMAD and Joint +353 1 679
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.
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END
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