Petroneft oil and gas - penny stocks

PetroNeft heralds transformative year

PetroNeft has heralded its “transformative year” in the wake its of Oil India farmout deal.
The firm, which owns and operates licences 61 and 67 in the Russian basin, confirmed plans to move ahead with production in its latest company results.
PetroNeft secured a $85million investment from Oil India for licence 61. The move allowed the company to clear its debts and progress its major well drilling campaign.
Chief executive Dennis Francis said: “The farmout gave us a strong industry partner seeking to build a strategic position in Russia as well as the financial resources to develop the significant potential of Licence 61.
We are currently producing from less than 15% of our reserve base and the substantial investment in infrastructure made in recent years leaves us well placed to deliver significant and profitable growth now that we have satisfactorily resolved the funding challenges of recent years.

PetroNeft Resources plc is an international oil and gas exploration and
production company, focused on Russia. The company’s shares are
listed on the London AIM and Dublin ESM Markets.


South Arbuzovskoye Development Plan
·     One vertical and up to 3 horizontal wells
·     Pad 2 construction has been completed and construction of the pipeline and power line to Pad 1 is in progress
·     Production drilling rig is being moved to location with drilling and production to commence in Q2
Sibkrayevskoye Delineation and Optimization Studies
·     Additional delineation well (S-374) at Sibkrayevskoye to better define south-eastern portion of the field
·     S-374 drilling pad is under construction and the drilling rig is being moved to location
·     Optimisation studies and approvals for Sibkrayevskoye Development
Sibkrayevskoye Development Plan
·     Development of Pad 1 with up to 7 vertical/slant wells and 6 horizontal wells
·     Construction of 26 km pipeline and power line from Pad 1 to Lineynoye central processing facilities Q1
·     Commencement of development drilling and production Q2

Petroneft shareholders - block vote - block corporate raider

The Board continues to recommend that shareholders
share holders Block take over vote  by Natlata Group

Notes:  expect the gross margin to improve in future periods as our facilities and field operations are fully staffed
and can handle additional production from the Arbuzovskoye and Tungolskoye oil fields under the current cost structure.
We produced 728,826 barrels of oil (2013: 870,965 barrels) in the year
and sold 704,189 barrels of oil (2013: 879,826 barrels) achieving an average oil price of $41.59 per barrel (2013: $43.97 per barrel).”

Recent news releases are here 

Petroneft oil board has a fiduciary duty to stock holder -
World prices of old is down ... reflect on all oil stocks
World oil price will cycle, Petroneft drill has increased.
Production has increased - price of oil is down.

petroneft shares

PetroNeft Resources Public Limited Company is a public company registered in Ireland (Company number 408101). Its registered office address is PetroNeft Resources plc, 20 Holles Street, Dublin 2, Ireland. The Company was established to develop oil assets in the Tomsk Oblast in Western Siberia and was admitted to the London AIM and Dublin ESM Markets on 27th September 2006.

The main assets of the Company are a 50% operated interest in a 4,991 km2 oil and gas licence (Licence 61) in the Tomsk Oblast in Russia and a 50% operating interest in a 2,447 km2 oil and gas licence (Licence 67) also located in the Tomsk Oblast. Both licences are located in the prolific Western Siberian Oil and Gas Basin. Licence 61 contains seven known oil fields, Lineynoye, Tungolskoye, Arbuzovskoye, Sibkrayevskoye, West Lineynoye, Kondrashevskoye and North Varyakhskoye and over 25 Prospects and Leads that are currently being explored. Licence 67 contains the Ledovoye and Cheremshanskoye oil fields and numerous prospects and leads.

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