Petroneft Resources: 2015 Final Results – 11 Wells Drilling, 11,000km of 2D Seismic Acquired
PetroNeft (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31 December 2015. In addition, PetroNeft announces that the Company’s Annual Report and Accounts for 2015 and Notice of the 2016 AGM will be mailed to shareholders and will be available online at the Company’s website www.petroneft.com on or before Thursday 30 June 2016.
Highlights
– Gross production 737,655 barrels of oil from Licence 61 in 2015
o Average gross production of 2,021 bopd
o Current gross production about 3,000 bopd
– 11 Wells drilled in 2015
– 1,000 km of 2D seismic acquired at Licence 61 in 2015
– 65.5 mmbbls total 2P reserves net to PetroNeft
Outlook
– Further production increases likely from South Arbuzovskoye
– Drilling at Sibkrayevskoye No. 374 due to commence in July 2016 – potential for material increase in reserves
– Active, fully funded work programme planned at Licence 61 in 2016 and 2017
Click here to download results
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“2015 was a busy year for PetroNeft, during which the company carried out an extensive drilling programme, in partnership with Oil India, across Licence 61. We have gained significant experience in horizontal drilling, deepened our understanding of the Licence and have identified additional upside at Sibkrayevskoye and South Arbuzovskoye.
After 3 weeks of production the A-214 horizontal well at South Arbuzovskoye is still producing over 850 bopd and the pressure decline is very slow. In the near term we look forward to the A-215 horizontal well results at South Arbuzovskoye and the commencement of drilling on the S-374 delineation well at Sibkrayevskoye.”
