ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

PTR Petroneft Resources Plc

0.085
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Petroneft Resources Plc LSE:PTR London Ordinary Share IE00B0Q82B24 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.085 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Petroneft Resources Share Discussion Threads

Showing 40126 to 40150 of 47275 messages
Chat Pages: Latest  1615  1614  1613  1612  1611  1610  1609  1608  1607  1606  1605  1604  Older
DateSubjectAuthorDiscuss
18/12/2014
13:10
from past performance my guess is that 170 is the maximum that it will produce and it has been noted as being so much higher than anticipated to offset the bad news on production decline. Remember those initial wells producing fantastic rates all those years ago. I know I've wittered on about that before and DB will no doubt correct me but I just can't let it go. Still struggling to find any trust in the BOD.
chris cat
18/12/2014
12:21
crude…my understanding is limited but I gather that's unstimulated and i don;t know if or how or will they stimulate it, I am guessing thats the level we are at.or stuck at. I did read somewhere that they intend to work on the existing wells to improve performance there. happy christmas….was nice to the BOD to release the RNS…can;t believe I am nearly thanking them
granto2
18/12/2014
11:46
Is the 106 well at 170 bpd natural flow and if it is can it be further stimulated...?? Production slippage is a worry no doubt, but at least 106 is a success story and lets hope for many more successful wells in the near future...Happy X.mas to all and GL2A in 2015....
crudde99
18/12/2014
11:21
I think that's a very positive RNS. The Arb well is excellent at 170bopd, the H well nearly there, the second Arb well underway, lots to look forward to, Interesting how they consider the fall in the Ruble is a hedge, maybe when Inflation kicks in that will change.
granto2
18/12/2014
10:50
Thanks toon. Feliz Navidad y Prospero Año Nuevo 2015.
steelwatch
18/12/2014
10:23
Spudders I'm like you several mill in this and all paid for so can tough it out for now and I'm waiting to see if Natlata have any response to this!

Anyway how dare you question PTR, dont you know its a Jam Factory which has kept Mr francis sweet for awhile so please do your research before commenting about Jam:)

Steelwatch and all on here have a good Xmas & New Year lets hope things change in New Year.

thetoonarmy2
18/12/2014
10:07
I'm reassured that the major slide in the share price has been the result of external factors and not the leaking of some catastrophic failure with their drilling.

The overall production decline is disappointing and badly communicated. Surprised by the size of the decline, not so much with the communication. Jam tomorrow it is then! I'd always intended to hold this for the long term.

This dip should be exploited as a chance to top up IMO and I certainly would be if I was more of a scrooge around this time of year.

Aside: I see Putin has been named Russia's man of the year for the 15th time :)
uk.businessinsider.com/putin-wins-russias-man-of-the-year-for-the-15th-time-in-a-row-2014-12?r=US

dubhgeannain
18/12/2014
10:02
Davy comment somewhat restricted to the great unwashed these days:



I've asked for background on the total production figure quoted today and will report if a reply is forthcoming.

steelwatch
18/12/2014
09:50
DB, that's fine but it's always Jam Tomorrow with PTR, so much for the new chapter. Anyhow looks like I'm stuck with several M shares that are going nowhere in the immediate future. Luckily I'm not leveraged so I can tough it out.

All the best everyone for the New Year.

Over & out, spudders

spudders
18/12/2014
09:38
17th March 2014: total production 2,400 bopd.
rcturner2
18/12/2014
09:37
spudders - man ..

Production from these wells naturally declines at a rate of 2-3 % for the first couple of years,
Production 12 months ago was 2,300 bopd, now its 1,680 excluding the 106 well so a reduction of 620 bopd in 12 months,
haven't done exact figures but it looks like normal decline to me..

dbarr0n
18/12/2014
09:36
The decline is a worry IMO, we are almost back to when we used to truck out the oil based on our bopd percentage. Now would be a good time for directors to show their confidence for 2015 and beyond with some decent BUY's.
spudders
18/12/2014
09:20
Even with 103 / 106 and H well we will only be back to previous flow rates ..Disappointing to say the least . Since we are getting more capex for our money it would have been nice to hear another rig been deployed even if just for well maintenance or to accelerate drilling would have been a nice surprise ..
man1
18/12/2014
08:52
CANA 9.5p targe looks optimistic at the moment given the bopd decline. Looks like I'll be holding for many more years. I wonder what OIL think about the decline.
spudders
18/12/2014
08:48
Post 18849 is the one to read.
rcturner2
18/12/2014
08:46
What astounds me is that there was NO reference to the overall reduction in bopd. It's almost as if the BOD are hoping no-one will notice?? Unbelievable.

Carlo

carlo sartori
18/12/2014
08:21
steel, previously if any wells have been unavailable they have said so, you need to get your rose tinted glasses off. That is a 15% decline in 6 months even with a new well being added.
rcturner2
18/12/2014
07:48
Before anyone else says it:

Total production down from 2,163 bopd at 30th June to 1850 now including Arb106, so either well maintenance or temporary shut down to permit drilling, coupled with natural decline.

It's all about next year and beyond.

steelwatch
18/12/2014
07:19
That's great, all I was after, maybe they heard me lol. Gla and happy Xmas
ravin146
18/12/2014
07:05
Operations Update



PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to provide an update on operations.



Licence 61

Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd
Arbuzovskoye 103 well drilling ahead
Drilling of Tungolskoye 5 horizontal well continuing
Total production now at 1,850 bopd
Seismic crew mobilised to the Sibkrayevskoye field


Licence 67

Processing and interpretation of 3D seismic survey completed
Reserves calculation for Russian State Approval being finalised


Corporate

Weakening Russian Rouble acting as a natural hedge to falling oil prices


Licence 61

Arbuzovskoye

Following some delays the Arbuzovskoye 106 well has successfully encountered oil in the Upper Jurassic (J-1) formation at a depth of 2,465 metres, TVD. The well been brought into production at a stabilised rate of 170 bopd with no visible water cut. This rate exceeds pre-drill estimates of between 100-150 bopd.



Arbuzovskoye well 103, the next well in the drilling programme, is currently drilling ahead. This well is the southernmost well drilled at Arbuzovskoye to date and will help determine if further wells will be drilled in the southern lobe of Arbuzovskoye.



Tungolskoye

The horizontal segment of the Tungolskoye No. 5 well is currently being drilled, however drilling progress to this point has been slower than originally estimated. Production results on the horizontal segment are currently expected in January 2015. The pilot hole previously confirmed the structure, the net pay (8.2 m) and commercial oil flow (100 bopd non-stimulated) at the crest of the structure. The well is being drilled under a turn-key contract so additional time will not result in additional cost. The main regulatory approvals required for the development of the Tungolskoye field have been obtained and the tendering process for the various services and materials required for this work programme is well underway.



Sibkrayevskoye

The rig for the Sibkrayevskoye No. 373 well is currently being erected. It is expected that drilling will commence in February 2015.



The seismic crew has been mobilised to the field and work is well underway on the programme to acquire 1,000 km of high quality 2D seismic data across the Sibkrayevskoye oil field and other fields and prospects in the northern portion of Licence 61. The main acquisition of data will occur in the first quarter of 2015 with final interpreted results being available in Q3 2015. This will help formulate our work programme beyond the current drilling campaign.



Total production from Licence 61 is currently about 1,850 bopd.



Licence 67

The processing and interpretation of the 156.84 sq. km. of 3D seismic data acquired over the Cheremshanskoye and Ledovoye oil fields in Q1 2014 has been completed.



The reserves calculation for the two fields based on the 3D seismic data is being prepared for submittal and approval at the Russian State Reserves Committee in Moscow.



Oil price and Russian Rouble

While oil prices have fallen internationally in recent months, so too has the Russian Rouble as compared to the US Dollar. The vast majority of operating costs and capital expenditure are denominated in Russian Roubles and this acts as a natural hedge to falling oil prices. It should also enable PetroNeft to undertake more capital expenditures pursuant to the US$45 million farm-in carry being financed by Oil India Limited.



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

"I'm very pleased with the rate achieved from the first new well drilled at Arbuzovskoye since February 2013 and look forward to updating shareholders with the results of the additional wells at Arbuzovskoye.



The pilot hole at Tungolskoye has achieved its objectives in confirming the structure, net pay and oil flow and we look forward to the production test result from our first horizontal well in the New Year"

steelwatch
17/12/2014
20:15
PetroNeft sees opportunity amid rouble chaos
By Philip Whiterow December 16 2014, 10:24am

PetroNeft (LON:PTR) is one of the survivors among the wave of AIM-listed small caps that have tried to tap Russia’s vast oil resources.
Most of its peers have long since gone under or they limp along a shadow of their former selves.
Indeed, PetroNeft bears its own scars. Two years ago it got into a financial pickle after a disappointing drill result left it short of revenues and with mounting debts.
Dennis Francis, chief executive, said it faced two options: either a major refinance package or the sale of a sizeable chunk of its producing asset, Licence 61 in Tomsk Oblast, western Siberia.
It initially pursued both, but eventually took the second route and in April announced the sale of 50% of Licence 61 to Indian state–run oil group Oil India for up to a total of US$85mln.
It looked a good price then, but hindsight has shown it was a great piece of timing as well.
The oil price has since halved to US$66 per barrel, the rouble has collapsed and the situation in Ukraine has made doing business in Russia impossible for many western companies.
Francis is realistic enough to concede that this backdrop makes Russian oil, already a no-go for many investors, an even tougher sell but for PetroNeft itself he sees brighter prospects than for some time.
Most of this is due to the Oil India investment, which after receipt of the first US$35mln has left it debt-free and able to pick up the exploration baton in earnest again.
First evidence of this came through with the drilling in October of the vertical part of the Tungolskoye No 5 well on Licence 61.
It flowed at a decent rate of 100 barrels per day, but the company is after a much bigger prize.
T-5 will be PetroNeft’s first horizontal well and Francis expects its completion to mark a pivotal point for the company.
If successful, the 300 metre horizontal segment of the well would multiply the flow rates at T-5 up to four-fold, while also giving a technical blueprint for further horizontal wells across Licence 61.
At present PetroNeft is producing a little less than 2,000 barrels per day, coming from the Arbuzovskoye and Lineynoye fields on 61.
Output has been declining as the financial constraints have restricted its ability to drill additional production wells over the last two years.
Revenues fell in the latest half year to June to US$17.5mln, from US$18.6mln, with a net loss of US$2.7mln (US$9.7mln).
Oil India’s funding has transformed the picture, however.
As well as T-5, three new conventional wells are in train at Arbuzovskoye.
The result of the first of these, which was originally started in 2012, is due imminently and will mark a major upturn in exploration news coming out of the company.
T-5’s horizontal flow rates are expected either very late this month or early 2015 while next quarter PetroNeft aims to drill its second exploration well at Sibkrayevskoye, also on Licence 61.
The remaining US$45-50mln of the Oil India funds will cover this work programme, but if T-5 meets expectations PetroNeft is hoping to bring it swiftly into production and use its cash flow to get Sibkrayevskoye on stream in 2016.
Francis, a veteran of working on huge projects in Russia, says that rather being hindered, the company has been helped by the savage decline in its currency.
Having received its farm-in money in dollars and paying locally in roubles, it is effectively getting at least 50% more than planned in its capex budget.
The former Marathon Oil man is also relatively sanguine about oil prices saying low production costs at licence 61 mean it can still make money at current levels.
All production is sold locally at an equivalent to about 42% of the international price and with PetroNeft paid in advance each month.
On a net basis, it is getting about US$20 per barrel against operating expenditure between US$11-12.
Infrastructure is already largely in place and the simple equation is that the more production it can push through the more it lowers its average cost.
In addition to Licence 61, PetroNeft also has Licence 67 at Tomst Oblask where its partner its oil trading giant Vitol’s subsidiary Arawak.
This is at a much earlier stage of development and PetroNeft is mulling its options for the licence especially as two Russian majors have fields nearby.
The company recently shot 3D seismic over 67 and a decision on how to move forward will follow the results of this which are expected at year-end.
What could it all be worth? House broker Canaccord says PetroNeft has been revitalised by the Oil India investment and has just put out a note with a 9.5p target price.
The development of Tungolskoye and Sibkrayevskoye on Licence 61 are the keys to this valuation with the current production worth 3p per share, said the broker.
Sibkrayevskoye, for example, has estimated gross reserves (2P) of 53mln barrels though little exploration has been carried out since 2011.
After its recent history Francis is careful not to overplay the potential, but generally is upbeat both on the current programme and on its longer term plans.
The oil price pressure has pushed more small operators in Russia into distress, he says, and as a result the opportunities for a company of PetroNeft’s size are rising rapidly.
At 4.5p its current market value is £32mln, but now that it is financially secure and with the backing of a second, very well-heeled partner, it may not stay at that level for long.

dbarr0n
17/12/2014
20:08
ravin.. Its a loss on loans to themselves..
The net loss after tax for the period was US$2,728,794 (H1 2013: US$10,593,368). The loss includes a foreign exchange loss of
US$2,060,685 (H1 2013: US$6,376,921) on loans denominated in US Dollars and Russian Roubles from PetroNeft to its Russian
subsidiaries Stimul-T and Granite Construction whose functional currency is the Russian Rouble.

dbarr0n
17/12/2014
19:28
It was said at the conference that $70 was workable...doesn't look good at all, considering oil prices are expected to fall further until over supply is controlled. Don't forget the half year report, when ptr made a large loss on currency change. As for Russia, sanctions and now the economy hit by the currency. Some assurance or words from bod will be useful along with the arb result!
ravin146
17/12/2014
19:04
'most of the Oil price fall is due to shorters, hedgers & spread-betters etc etc - nothing, really to do with the end user demand or the final price at the pumps or domestic oil prices changes or anything else.Just 'Hoorays' f'king about.'Sentiment driven.Has demand halved, as the oil price has?Come the new year, - fresh start -hopefully sentiment will change positively. PTR might actually announce something & with Inflation, and such measures, at a 12 year low etc...And we'll all be laughing...laughing...laughing.I almost started...
rockin robin
17/12/2014
19:02
The Russian economy is in deep sheet. The rouble went up a tiny percent today after reaching near crippling lows two minutes earlier. The rouble has been decimated. The relevant oil price (Brent) is down 40% and dropped further today.

The U.S. have made up with Cuba now and the Russian ideology is as isolated as ever. If Putin goes things will look up quickly. If he digs his heels in and the sanctions continue there is very little light at the end of the tunnel. Only superb drill results etc would make a difference and I think if Ptr had that type of result they might have u gagged themselves by now.

Unless results are very good in the short-term I think it'll be months before we see 7/8p.

kevjones2
Chat Pages: Latest  1615  1614  1613  1612  1611  1610  1609  1608  1607  1606  1605  1604  Older

Your Recent History

Delayed Upgrade Clock