Petroneft Resources Share Discussion Threads

[rcturner2] 03/2/2015 09:51

Thanks woody. I think a very slow return to commodity stocks is the way forward, maybe buying one every quarter.

[woodpecker25] 03/2/2015 09:45

Well done RCT. Good to have you back on board. I'm very excited again about PTR... share price can only go one way now, surely?!

[rcturner2] 03/2/2015 09:18

I bought 250k at 4.35p this am.

[steelwatch] 03/2/2015 09:12

Petroneft
Successful start to Tungolskoye drilling campaign
February 3 2015 | Job Langbroek | Morning briefing | 1 page(s) | Read Important Disclosures

After a number of difficult years, the reported results indicate that the two fields currently under development in Licence 61 in the Tomsk region of Western Siberia should live up to expectations. A very good initial flow rate from the first horizontal well is encouraging and a step out in an adjacent project points to confirmation of reserves. Although current oil prices are not helpful for E&P stocks, a much weaker rouble has halved Russian costs in US$ terms and the farm-out last year means the group has no financing requirements.

[steelwatch] 03/2/2015 09:09

PetroNeft Positive drilling update from Tomsk

PetroNeft provided an update this morning on drilling activity on Licence 61 (PetroNeft operator with a 50% interest) in Western Siberia. A result from the first horizontal well (T-5) on the Tungolskoye field flowed at a rate of 604 bopd, relative to guidance in the range of 300 – 400 bopd. Drilling activity on the Arbuzovskoye field saw the 103 well come on stream at 125 bopd serving to confirm the southern lobe of the field. A follow-on well (104) has been drilled, with a flow rate pending. Total production (including T-5) currently stands at 2,450 bopd, relative to a forecast gross average for 2015 in our model of 2,831 bopd (2,080 bopd in 2014).

The forward programme includes the drilling of up to 11 wells at Tungolskoye starting in April/May (including 5 horizontal wells) with a well on the Sibkrayevskoye field (S-373) due by the end of February.

Given past difficulties in terms of production growth, the statement this morning represents a positive start to a drilling campaign that has been reinvigorated by funding secured via the farm-down to Oil India (50% interest of Licence 61).

Recommendation: Hold
Closing Price: £0.04
Gerry Hennigan+353-1-641 9274 [e-mail]

[ravin146] 03/2/2015 09:03

Dbarron, i don't think i have ever since anyone that excited on this company's RNS...a good sign I guess.

But as i say, on these types of days, it need to be translated into the shares price, investor demand, press coverage, will result in new investors and broker upgrades. There is no reason, why this should not go back to at least 5-6p on this news...

[dbarr0n] 03/2/2015 08:54

ravin ... Why the lol ?

[ravin146] 03/2/2015 08:47

guys it must be translated into the share price....best rns since I have been here(in AND out) over the years, with exception of the farmout, though that dragged on and was teh effect was spoiled by natlata's delaying .

@dbarron lol

[kevjones2] 03/2/2015 08:36

Very pleased. Both with the results and the lack of ambiguity in the RNS. Steelwatch's contact with the company was spot on when they told him an RNS would be issued either last week or this week. Kudos.

[woodpecker25] 03/2/2015 08:26

Fantastic news. Great results and lots to look forward.

[thetoonarmy2] 03/2/2015 08:16

At last a joined up Update we can get some idea of where we are going now!

[dbarr0n] 03/2/2015 08:06

WOW......................................................

[chris cat] 03/2/2015 08:06

Think this is the first decent news I've had in over 12 months from my various oil shares. Still a little scarred from PTR's previous announcements of initial flow rates at Arb. but the bitterness is waining with time.

[oilretire] 03/2/2015 08:06

& WTI gone back above $50.....

[currypasty] 03/2/2015 08:02

at last something positive

[telegraph1] 03/2/2015 07:37

Onwards and upwards oil price won't stay like this forever

[oilretire] 03/2/2015 07:18

600bopd.... With the well still in clean up phase!! :-)

[rockin robin] 03/2/2015 07:14

Demand may match AFR's yest...Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:"We are delighted with the result of the T-5 well (edit 600 bopd!!!), our first horizontal well, which has exceeded our expectations and which bodes extremely well for the development of Tungolskoye where we plan a number of longer horizontal segments in an 11 well campaign.

[rcturner2] 03/2/2015 07:14

That's a good update, some success at last. Be interesting to see the market reaction.

[ravin146] 03/2/2015 07:12

Initial glance very good based on expectations. Investor demand will be tested today...

[steelwatch] 03/2/2015 07:07

Highlights

Tungolskoye
-- Tungolskoye No. 5 well tested at over 600 bopd and is now in production
-- Development of Tungolskoye to proceed immediately

o 11 well Tungolskoye campaign to commence in Q2 2015

o Tenders awarded for drilling and for the development of additional infrastructure at Tungolskoye

Arbuzovskoye & Sibkrayevskoye

-- Arbuzovskoye 103 well now in production at a stabilised average rate of 125 bopd and confirms southern lobe of field
-- Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly
-- Arbuzovskoye 107 well has been spudded
-- Seismic acquisition underway at Licence 61.
-- Drilling to commence later this month at Sibkrayevskoye 373

Production
-- Total production now about 2,450 bopd (including Tungolskoye No. 5)

[organstop] 02/2/2015 22:37

But What Do I Know, I guess.
bwdik.

[ravin146] 02/2/2015 20:52

Bwdik? Shame this didn't move much, when most oilies were up today?!

[spudders] 02/2/2015 18:45

More large after the bell trades, could be rollovers bwdik