Operations Update

RNS Number : 5602L

Petroneft Resources PLC

20 July 2017

 

PetroNeft Resources plc

20 July 2017

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Operations Update - Drilling of S-375 well commenced

PetroNeft (AIM: PTR) 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 announce that it has commenced drilling the S-375 delineation well at Sibkrayevskoye.

The S-375 well is being drilled on the northern structural lobe of the field approximately 2km south of existing wells that contained about 10m of net pay. If successful, it should lead to the development of the Sibkrayevskoye oil field commencing in 2018. Drilling has now commenced and it is expected to take up to eight weeks to drill and test the well.  The Sibkrayevskoye oil field is estimated to contain over 50 mmbls of 2P reserves (>25 mmbbls net to PetroNeft).

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented: 

"We are pleased to have drilling of the S-375 well underway. We look forward to sharing the results of the well with shareholders and recommencing a significant work programme at Licence 61 in 2018."

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc	[phone]
Paul Dowling, CFO, PetroNeft Resources plc	[phone]
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)	[phone]
Shabnam Bashir, Citigate Dewe Rogerson	[phone]
Joe Heron / Douglas Keatinge, Murray Consultants	[phone]

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 Guidance Note for Mining and Oil & 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 40 years' experience in oil and gas exploration and development.

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