🕐19.09.12 - 09:27 Uhr
PETRONEFT - 2012 AGM OPERATIONS UPDATE
Petroneft Logo
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PetroNeft Resources plc
("PetroNeft" or the "Company")
Operations Update
PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk
Oblast, Russian Federation, is pleased to provide an update on its operations.
Highlights:
* Arbuzovskoye well 101 successfully drilled and completion underway
* Initial results positive with similar reservoir properties to prior discovery
well
* Arbuzovskoye well 102 drilling ahead
* Group production remains stable at 2,000 bopd
Licence 61 - Arbuzovskoye Pilot Development Programme
Arbuzovskoye well 101, the first of ten planned new production wells on the Arbuzovskoye
oil field, has been successfully drilled.
Well completion is now underway utilising
a workover rig and we expect to bring the well into production around the end of
this month.
The production drilling rig has been moved and has started drilling
well 102.
Well 101 penetrated the J1-1 reservoir essentially as prognosed at -2,463.2 metres
tvd.
Core and log data indicate that the reservoir is substantially identical to
the good quality reservoir in the Arbuzovskaya No.
1 discovery well.
The reservoir
is made up of coarse grained sandstone at the top and grades to fine grained sandstone
to siltstone at the base - these types of sandstones are excellent reservoirs as
demonstrated by the Arbuzovskaya No.
1 where production is currently steady at
approximately 300 bopd.
The gross reservoir thickness is about 8 metres with about
4.2 metres of net pay.
Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according
to independent reserve auditors Ryder Scott and is the Companys second production
development.
Licence 61 - Production
Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields,
remains stable at about 2,000 bopd prior to the addition of production from the
Arbuzovskoye No.
101 well.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
"We are delighted to have confirmed excellent continuity of the J1-1 reservoir from
Arbuzovskaya No.
1 to well 101, the first new production well location.
We look
forward to bringing this well into production and to providing shareholders with
regular updates on additional Arbuzovskoye wells over the coming months as we increase
our production profile and cashflows."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources plc
+353 1 647 0280
Paul Dowling, CFO, PetroNeft Resources plc
+353 1 647 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
+353 1 679 6363
Henry Fitzgerald-OConnor, Canaccord Genuity Limited (Joint Broker)
+44 207 523 8000
Martin Jackson, Citigate Dewe Rogerson
+44 207 638 9571
Joe Murray/Ed Micheau, Murray Consultants
+353 1 498 0300
Qualified person
The information contained in this announcement has been reviewed and verified by
Mr.
Dennis Francis, Director and Chief Executive Officer of PetroNeft, for the
purposes of the Note for Mining, Oil and Gas Companies issued by the London Stock
Exchange in June 2009.
Mr.
Francis holds a B.S.
Degree in Geophysical Engineering
and a M.S.
Degree in Geology from the Colorado School of Mines.
He has also graduated
from the Harvard University Program for Management Development.
He is a member of
the American Association of Petroleum Geologists and the Society of Exploration
Geophysicists.
He has over 35 years experience in oil and gas exploration and development.
The technical disclosure in this announcement complies with the SPE/PRMS Standard.
Forward Looking Statements
This announcement contains forward-looking statements.
These statements relate to
the Companys future prospects, developments and business strategies.
Forward-looking
statements are identified by their use of terms and phrases such as believe, could,
envisage, potential, estimate, expect, may, will or the negative of
those, variations or comparable expressions, including references to assumptions.
The forward-looking statements in this announcement are based on current expectations
and are subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by those statements.
These forward-looking
statements speak only as at the date of this announcement.
Glossary
2P reserves
Proved and probable reserves according to SPE standards
bopd
Barrels of oil per day
Tvd
True vertical depth
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Forward email
http://ui.constantcontact.com/sa/fwtf.jsp?llr=ddfexkcab&m=1102018909283&ea=&a=1111035157756
This email was sent to by .
Instant removal with SafeUnsubscribe(TM)
http://visitor.constantcontact.com/do?p=un&mse=0010opz9yIv185R2qZ6QXXUv6joqolLDOhf&t=0013KloONG3iCNo75z10CuWCA%3D%3D&llr=ddfexkcab
Privacy Policy:
http://ui.constantcontact.com/roving/CCPrivacyPolicy.jsp
Online Marketing by
Constant Contact(R)
www.constantcontact.com
PetroNeft Resources plc | 20 Holles Street | Dublin 2 | Ireland