Petroneft Resources Share Discussion Threads

[ravin146] 20/10/2014 06:43

Spudders is just stating he is not adding, in line with the market really that this is high risk and the interest, at the moment, is clearly not there as the story has yet to unravell enough to entice new investors. Time will tell...

[spudders] 19/10/2014 14:47

Steel - don't get me wrong, I still have the faith and will continue to hold for many more years. I know that we are still in the early stages of a turn around and one day sentiment will change given the right results. Plenty of news to come before Xmas 😃

[steelwatch] 19/10/2014 10:37

Interesting snippets from the OIL Chairman's address with potential to include the Bazhenov shale within our licences in the future:

In pursuit of improving its footprints in the country as well as in other parts of the world, we ventured in many prospective areas through participation in NELP bidding rounds, as well as by securing exploration and producing blocks in several parts of the world. During the year your Company also acquired a Liquid Shale producing asset in USA.

Shale/non-conventional oil / gas has emerged as an area of interest. Shale Gas Policy is being formulated by the Government of India and as and when the bidding rounds are announced your Company will actively participate in the same. We also continue to pursue Shale oil / Gas opportunities overseas. Your Company also has one CBM block in the North East with M/s Dart Energy Ltd, who will act as the operator.

[steelwatch] 18/10/2014 23:24

spudders- I'm not making excuses for past failures, but the plans post farmout haven't changed materially and we are still in the first stages of the path laid out to us, so don't understand your sudden pessimism. Try reading the recent presentations again.

[spudders] 18/10/2014 17:46

DB, I still believe in PTR otherwise I would not have invested just shy of 200k over 7 years in a company without doing my DD. It's just not appealing to new investors when you compare other E&P that's share prices are going the right direction. Until the Ronseal title can be achieved again by the management the risk here is too high for many new investors IMO. I think OIL have got a great deal and they will do very well along with LTH's.

[dbarr0n] 17/10/2014 15:54

spudders ..
It baffles me how you can make a statement about a field that has had no new data since the farm out.

Page 5 & 16

[spudders] 17/10/2014 13:34

Well that good news was short lived. I have stopped adding now as there are better opportunities elsewhere. Director buys may get things shifting but they would have to be significant. The 5M bonus payment for Sib seems highly unlikely to materialise at this rate of extraction bwdik. Best of luck all.

[dbarr0n] 17/10/2014 10:57

Granto I guess it will be 400 + bopd which would be a very good result.
This well is planned to be just 300 mtrs, if successful the rest will be 1000 mtrs in length..

[granto2] 17/10/2014 10:20

it is difficult to predict the result of the H well on T5. Given the depth and PW size I was originally thinking about 250 to 300 bopd. That's quite a conservative estimate. I won't be surprised if flow rates around 350 to 400 are achieved.

[steelwatch] 17/10/2014 07:42

bmw - see this post:

[bmw30csl] 16/10/2014 23:19

Is it definitely being fracked?

[bmw30csl] 16/10/2014 23:18

I was talking hypothetically and thinking of the next Arb well. When we were levered and in hoc to the bank a bad well there was a real issue.

[steelwatch] 16/10/2014 22:13

Db - if you're around, I see now Baker Hughes was named on slide 16 of the AGM presentation. I gather they are as technically proficient as Halliburton, Schlumberger and Weatherford, so we are in good hands.

cruddee - Thanks to Db, we know from the house broker that the horizontal is to be fracced to increase wellbore exposure prior to testing. They will most likely install an electric submersible pump before putting T5 on production, though I imagine they will want to check natural flow and pressure beforehand.

[dbarr0n] 16/10/2014 21:58

crudde ..
T-5 vertical was nothing but a test well, it will not be put into production.
T-5 horizontal will be put into production, the only thing that remains to be seen is what it will flow.
to answer the question you asked, horizontal wells are usually wire logged and flow tested before they are fraced to determine where to frac and how large a frac is needed, then fraced and a pump added. Whether they will give us both results remains to be seen but the latter is the only one that is important.

[crudde99] 16/10/2014 20:39

He....bmw30csi must be referring to T5 as the share price is now as it was prior to the latest rns..!! Ok a 100bpd well 50b to oil and 50b for ptr is no world beater but neither could it be classed as a BAD well..?? Lets hope that the H result is a much better result..!!! When we are presented with the H flow result will that be the natural flow, OR will it be stimulated or pump assisted in any way at that early stage..??

[ravin146] 16/10/2014 19:05

@bmw...which bad well are you talking about?

[bmw30csl] 16/10/2014 17:49

It seems the shareholder base here is a bit more sensible these days and appreciates how much the risk has changed here. No longer is a bad well result a company breaker. It also feels like there is a buyer out there for when the shares dip a bit. Interesting to see where it might go if Russia starts behaving, markets rebound and they have a good well at Arb and the Horizontal works.

[seangwhite] 15/10/2014 19:58

With the current market falls I think PTR has done fairly well.The future will be determined by the performance of the horizontal section of T5 initially then how the new wells at Arb flow and hopefully make the company profitable with decent cash flow.A reserves update should come next year but the market will want proof that reserves can be converted to 'cash'VGLTA

[ravin146] 15/10/2014 18:53

I would not expect fireworks here for now, if so you are in the wrong stock. Plenty of news here for a potential for a slow rise, if there is a reserve upgrade then that is possible, but don't expect that until next yrar

[woodpecker25] 15/10/2014 13:11

It's a step in the right direction, that's all. There is a healthy pipeline of news to come (as detailed by Db) which will hopefully build confidence in PTR again.

I'm certainly not expecting firweorks here for sometime after all that's happened in the past. The market needs to learn to trust PTR again, and consistent positive newsflow will do this!

So far so good.

[rockin robin] 15/10/2014 12:11

Apparent muted response here to the recent News. Although 'wouldn't surprise me if all the buys are not being shown until later tonight - after all - they did it yesterday.

[dbarr0n] 15/10/2014 09:58

Petroneft Confirms T5 structure and reservoir

09:10 14 Oct 2014 By Davy Research

Vertical section completed

The Tungolskoye well was drilled to 2,496 metres and intersected at least 8.2 metres of J1 net reservoir. The well was then cored, logged and the open hole tested. The well produced 100 b/d on pro-rated basis (as is normal for open hole tests), confirming the presence of moveable oil. The flow rate was unstimulated which together with the planned horizontal leg should lead to a significant pick-up in production rate. The well will now be plugged at circa 800 mts and deviated to just over the reservoir at which time casing will be set and the Baker Hughes crew will start the horizontal section of the well.

The well achieved its primary goal of confirming the structure and presence of reservoir.

Horizontal leg will now commence

The well will now be deviated to just over the reservoir, at which stage the horizontal section will commence. It will be 300 metres long and will take some 3-4 weeks to complete. The well will then be fracced with the expectation that a material increase in production can be achieved given the much greater exposure of reservoir. Petroneft will drill the first part of the well with Baker Hughes, a specialist horizontal drilling service company, completing the horizontal leg.

This will be the first horizontal well drilled by Petroneft and is part of the development plan for Tungolskoye, involving a programme of horizontal wells. The hope is that if this maiden horizontal well is successful, a planned horizontal well campaign can reduce development time, and ultimately costs, through a lower well count.

Arbuzovskoye well close to reservoir section

The Arbuzovskoye 106 well is just over the reservoir section and drilling ahead at just over 2,000 mts. This is the first well in a 3-5 well programme to complete development of the field.

Tungolskoye makes up 20m barrels gross of the 114m barrels involved in the farm-down of Licence 61. Post-deal, our valuation of Petoneft is 11.5p for core assets and an additional 3.5p for net cash and exploration targets. Petroneft recently completed a farm-down of 50% of Licence 61 to India Oil and all costs associated with the current programme are part of that farm-down consideration.

[steelwatch] 14/10/2014 22:21

Yes. A simple google search for Petroneft+ESP:



Not all results relevant, but serves to answer the question.
(ESP=Electric Submersible Pump)

[crudde99] 14/10/2014 22:04

Many diverse views on the BBs today re. the initial 100 barrel per day natural flow rate from T5 vertical segment.... 100 barrels per day is still 100 more than we had yesterday and who knows what the H section will produce once completed..!! And if artificial stimulation or electric pumps can boost production yet more well lets plug them is asap..... Have PTR successfully employed the use of pumps on other drill sites...?? Plus 50% of output no longer belongs to PTR...