PetroNeft Resources plc: 2017 Final Results
PetroNeft 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 2017.
Highlights
- S-375s delineation well at Sibkrayevskoye produced about 150 bopd on test with an electric submersible pump
- Gross production at Licence 61 in 2017 was 816,476 barrels of oil or an average of 2,237 bopd
- While this represents a reduction in production it is ahead of expectations due to continued good performance of horizontal wells at South Arbuzovskoye
- 64.6 mmbbls total proved and probable (2P) reserves net to PetroNeft
Outlook
- Drilling at Cheremshanskoye No. 4 due to commence in the coming weeks – this well could significantly influence the future of the Company
- Much improved oil prices achieved in 2018 to date
- Company is progressing business development opportunity with due diligence and legal agreements well advanced.
