Petroneft Resources: Interim Results – License 61 Production up 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 2016.

Highlights

– Current gross production from Licence 61 is about 3,200 bopd.
– Represents a 39% increase in production in 2016.
– New wells drilled at South Arbuzovskoye during period drove production growth.

David Golder, Chairman of PetroNeft Resources plc, commented:
“We have had a busy year so far, with good success in growing production by almost 40% and in enhancing our understanding of Licence 61.

Given that market conditions remain challenging with little sign of improvement in oil prices in the near term, our focus continues to be on growing production, managing costs and positioning the Company for any improvement in market conditions, while we are also investigating opportunities to benefit from current conditions by growing the company through acquisitions or business combinations focussed on producing assets in Russia. We look forward to updating shareholders of our results over the coming year.”