Petroneft Resources: 1H Results – Production Up Over 40%

PetroNeft 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 report its results for the 6 months ended 30 June 2015.

Highlights

– Current gross production from Licence 61 is about 2,700 bopd.
– Represents a 46% increase in production in 2015.
– New wells drilled at Tungolskoye, Sibkrayevskoye, West Lineynoye and Arbuzovskoye during period.
– 1,000 km of high resolution 2D seismic data acquired at Licence 61

David Golder, Chairman of PetroNeft Resources plc, commented:

‘We have had an exceptionally busy year so far, with good success in growing production by over 40% and in enhancing our understanding of Licence 61 through the acquisition of new seismic data.

Given that market conditions remain challenging with little sign of improvement in oil prices in the near term, our focus is on growing production, managing costs and positioning the company for any improvement in the market conditions. We look forward to updating shareholders of our results over the coming year.’