Quarterly Production Update

RNS Number : 8590C

Petroneft Resources PLC

25 January 2018

 

PetroNeft Resources plc

("PetroNeft" or the "Group" or the "Company")

Quarterly Production Update

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, provides an update on oil production at Licence 61 in the fourth quarter of 2017.

Licence 61 Gross Production	Q4-2017	Q3-2017	Q2-2017	Q1-2017	FY 2017	FY 2016	FY 2015
Total gross production	198,708	192,956	200,208	224,604	816,476	990,887	737,655
Gross bopd	2,160	2,097	2,200	2,496	2,237	2,707	2,021
PetroNeft 50% share bopd	1,080	1,049	1,100	1,248	1,118	1,354	1,010

Winter production from Sibkrayevskoye oil field commenced in mid December 2017 and therefore will primarily impact Q1-2018 production.  Production in 2017 has benefited from the continuing good performance of the Arbuzovskoye Pad 2 horizontal wells.

The production for the first quarter of 2018 will be announced in April 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]
Joe Heron / Douglas Keatinge, Murray	[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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