Petroneft Resources Share Discussion Threads

[dbarr0n] 23/3/2015 17:43

crudde99 .
We are now debt free ($29 million worth of loans repaid)..
Current drilling and development plan is fully funded ($45 million).
Administrative expenses have halved..

[granto2] 23/3/2015 17:36

crude99…..well worth crunching the numbers here. it is possibly very undervalued

[crudde99] 23/3/2015 17:14

I really hope so guys..!!!

[granto2] 23/3/2015 15:34

crude. a bit harsh. 2,000 by the end of the year, but 4000 the next year,i hope

[loganair] 23/3/2015 15:34

crudde99 - not really as PTR are now debt free and no longer have to worry about paying any interest on that debt - that's the main difference.

[crudde99] 23/3/2015 15:17

What will it take to lift this share price...???? Back over 6% today as I write..!! Is it because that even if L61 is producing over 4000 barrels by year end that still leaves Ptr on just 2000 barrels per day which in reality really is right BACK to where we were a few years ago.... Can Ptr really call that outcome progress..??

[steelwatch] 23/3/2015 14:50

Jasper - the political situation?

[jasper2712] 23/3/2015 14:33

Recent operational update has had little to no effect on the share price Wonder why?

[dbarr0n] 23/3/2015 10:02

Granto ... Correct, OIL are paying 50% of all costs associated with licence 61. Also Arawak are contributing 50% of all costs including management on licence 67.

[granto2] 23/3/2015 09:25

DBarron, all sounds great. lets not forget we have only half the management costs as I am sure Oil are paying half.

[oilretire] 23/3/2015 08:03

1. Yip, agree, reservoir management......

[telegraph1] 23/3/2015 07:48

When do we hope to get the news on the seismic results

[dbarr0n] 22/3/2015 21:41

Jasper....
1, Tungolskoye was tested at over 600 bopd they didn't say it was stabilized so its not a decline in production, its a reduction in production.
2, Of the eleven planned wells 5, will be horizontal production wells, the other 6 will be vertical wells initially producers then converted to water injectors. They will only have about half of the wells drilled by year end so the total increase could be 3,000 to 4000 bopd when these 11 wells are completed...

[steelwatch] 21/3/2015 00:11

A couple of thousand km north-west of Tomsk, but, at a glance, appears to be near the River Ob:



Maybe one day..

[jasper2712] 20/3/2015 19:23

Natural decline again?

3/02/2015 Tungolskoye No. 5 well tested at over 600 bopd and is now in production

Further to the last update the Tungolskoye No-5 well stabilised at 415 bfpd on a 10 mm choke.

Current gross production at Licence 61 is about 2,000 bopd, without T-5

So with 2 more wells coming on line at 100bopd and the true figure for the T5 well we seem to be making no headway on the previous 2450bopd figure.

Based on results to date and the drilling programme for the coming year we expect gross production to almost double and reach between 3,500 and 4,000 bopd by the end of 2015.

So at best they are saying production by end of 2015 might be up by 1000 to 1500
Nothing to get over excited then considering development will consist of up to 11 wells

[granto2] 20/3/2015 17:45

DBarron, thanks again, all considered I think we should be happy today, PTR has delivered a lot of this on time, and we assume at a lower than expected budget, we might get an extra 50% wells etc out of this. That will really help offset some of the losses from a drop in Oil prices.

[dbarr0n] 20/3/2015 16:43

chris ... Both OIL and Petroneft have a say on the spending of the $ 45 million, but at the current oil price they are turning a profit and unless they think oil prices are going to go lower and stay there they will continue to develop especially when they are benefiting with the exchange rate.
Also it will take around 12 months to get Tungolskoye into full production, hopefully by then the oil price will be higher but that would also mean the exchange rate benefit will also have decreased so in my opinion they way things stand they will continue to develop Tungolskoye followed by Sibkrayevskoye.

[dbarr0n] 20/3/2015 16:33

Granto

The deal was done back in January 2014 when the Dollar = 33 Ruble granted the deal was signed later but back dated.

I am not sure we have changed drilling contractor, Maybe just added a new one to drill the horizontal wells.
I know TBNG have drilling rigs that are capable of horizontal drilling long wells but maybe they are not available at present..

[chris cat] 20/3/2015 16:31

Do we know for sure that there are no restrictions on the OIL India money. I.e. they have agreed to spend $45m but can that be paired back or delayed if there is a sustained drop in oil price. Just a thought, you would imagine that they are a pretty sharp bunch and would have wanted to protect themselves in such a way.

[steelwatch] 20/3/2015 16:28

granto - I think they have added a drilling contractor rather than have changed. As far as I can see, Tomskburneftegaz rigs are drilling the Sib and Arb wells and, possibly, the upcoming L-10 well as well. Whether they will continue beyond that remains to be seen.

[granto2] 20/3/2015 15:59

thanks D-Barron, the USD was 35r at the time last june, and it is 60r now, so not quite 80% but still more bang for the buck, the good news is inflation has not kicked in too much so we really are getting that value. Maybe thats where the money for the extra two wells came from. I think DF said thai at Oil Barrel. Correct I forgot OIl were not in L.67. Be nice if they bought in again and we got drilling there. I was in Moscow a few months back and prices there are the same in Roubles, meaning the dollar really went far. things have got better for the dollar since then. also because things have quietened down contractors are cheaper too for drilling and seismic ….. can I ask if when have changed drilling contractors , from the directors friends to this larger company ?

[crudde99] 20/3/2015 15:34

Good to read some positive news re Ptr...However very little buying action post the rns.... If Ptr are not short of a few dollars at the moment then I cant imagine a sale of L67 into the negative sentiment that surrounds all things oil presently...!!!! I mean do they even know the P2 oil reserves that L67 may hold ..??? GL2A Ps. spudders why do you think that trading volume and perhaps the share price still remain quite low....???

[spudders] 20/3/2015 15:22

RNS all very well, but until we get some decent share volume we will be in the Doldrums. I'm still holding my few M as situation has greatly improved. Any one hold DGO ?

[dbarr0n] 20/3/2015 14:40

granto...

Oil India have nothing to do with licence 67.
Petroneft are getting near 80% more bang for the buck going on the exchange rate today versus when they done the farm out deal.
We have two extra wells that were not expected, Arbuzovskoye 108 which has been drilled and Lineynoye L-10 which they plan to drill.
Production from the last few Arb wells is not that important as they were drilled with the intention to convert them to water injectors, production from these is a bonus.

[steelwatch] 20/3/2015 14:33

If the $5m bonus is achieved, it goes to the bottom line, not Directors' pockets. That is not to say they won't reward themselves, but they owe shareholders first.