PertoNeft: 2019 Final Results
PetroNeft an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is please to report its final results for the year ended 31st December 2019.
Highlights
- Heads Significant technical, operational and financial progress in 2019 driven by new leadership team and stronger local input.
- Gross 2019 production 1,614bopd (1,955bopd 2018), rising to 1,727bopd in August 2020. Focused well management, monitoring and intervention programme steadily improved overall field performance at Lineynoye.
- Increased potential of Licence 67 beginning to emerge due to increased focus and careful re-interpretation of data
- Successful Convertible debt and post year end equity issues with strong shareholder and director support.
- Loss for the year $6.4M (2019) reduced from $7.56M (2018).
- Reduction in costs at all levels; corporate costs reduced by 47%, from $1.512M (2018) to $0.807M (2019).
- Due to the COVID-19 pandemic, the Company intends to publish its half year report for the six months ended 30 June 2020 by 31st October 2020.
Tags:petroneft
