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[ravin146] 28/5/2015 11:26

Steel...yes I believe so, and in general with the dates as to when we were expecting results, etc

rather than faffing around with endless posts on here, I believe comments on here are adding to the confusion. If the BOD don't do it it would be nice to know in the header of this thread.

[steelwatch] 28/5/2015 10:14

ravin - confusion between 67 and 61

[ravin146] 28/5/2015 10:04

DB, yes up to a 1000 was the initial reading i was expecting, natural decline/average over period end I agree with you figures.

What is your view on this reserve update? When was each seismic data carried out, when were we expecting the results to be delivered etc. A poster (not naming the id.) on here imo, has confused others as to the timeline.

Do we have something on the post farmout presentation to show a time line, on the seismic analysis?

[granto2] 28/5/2015 10:03

1000 bopd on a long 1km H well, that's highly optimistic. perhaps 600 is my estimate.

[granto2] 28/5/2015 10:02

Sibkrayevskoye 75 wells. DbarrOn, there would be no need to drill 75 wells, s373 was producing 100bopd unassisted, even with a ESP pump this would bring this well to 250bopd. But I take your point H wells could and will be used. Most likely a mix. the H wells are costly. I think its $3m a pop there, maybe a little more.

[dbarr0n] 28/5/2015 09:49

ravin.. Current production 1950 bopd, End of year target 3,500 - 4,000 bopd, so they need to add 1,550 - 1950 bopd, I think they will drill 3-4 horizontal wells in that time frame so that would indicate they are expecting 390 - 650 bopd average including natural decline so a bit higher IP rates.
Should be easily achievable..

As for Sibkrayevskoye, I think they will definitely use horizontal wells, the field would need around 75 vertical wells to develop V around 12-15 horizontal and 12-15 vertical..

from the latest RNS
A development decision is expected in Q3 2015 with a view to the field being brought into production in 2016 utilising a combination of horizontal and vertical wells. A reserve update will be prepared at the end of the year incorporating the new seismic and well data.

[ravin146] 27/5/2015 18:58

Granto wow you have been at full throttle all of a sudden after being so quiet. I believe the horizontal wells being drilled this year to yield up to, at best, 1000 bopd (according to a few here, not heard it from bod, unless this was said at conference last dec 14)...so from 2000 they expect to reach 3800-4000. Investors should read that plan that was agreed with oil on the work over the next few years...clear indication on timeline. Things will not happen overnight. Reserve update is what I want but I believe now it could drag along until the Russian authorities approve it...company has plenty of excuses to delay the info too.

[granto2] 27/5/2015 17:31

robin, agreed, To achieve the 7500 bopd production target, that will require at least 25 wells? or have they mentioned horizontal wells for that part of the license ? I don't think they have.

[rockin robin] 27/5/2015 16:42

Thanks Granto.Let's hope the expected prospect of a doubling of production for PTR by eo 2015, with the use of H wells, isn't wasted on onlookers.New P2 3D seismic potential upgrades with Oil watching with interest - all adds to a nice 3-6 month hold scenario here.Bring it on..

[granto2] 27/5/2015 12:33

Sean, I have thought about this and could not come up with the answers, However I did made a very rough estimate as a precaution. I assumed we are making at least $10 a barrel net profit. We have to be with no debt, and ruble hedge. at 2000 bbl's a day. $20,000 daily profit, equaling a profit of $7,250,000 a year. Or £5,000,000 a year. DF said we have good economic at $70 a barrel. I wish I knew what our base cost was. we are currently at 1000 a barrel net to us. so the share price seems fairly priced. any uplift will require, the new northern fields to come good,and license 67 to come into play.

[seangwhite] 27/5/2015 09:55

Anyone care to work out how the current POO and the rate PTR get in the home market calculate out at for the targeted 4k per day production number.TIAVGLTA

[granto2] 27/5/2015 09:38

The S-373 result went a huge way to proving up the field, and increased the P1 levels by millions of BBL. Not to mention P2 levels. The fact it is at the crest of the structure means that it is perfect;y placed.

[ravin146] 26/5/2015 22:17

Granto you seem to have re-ignited the bad communication argument. Fair play. I got over it for a while haha.I meant this line... Based on the well results and an initial review of the new seismic data it is likely that the field will ultimately prove to be larger than the currently estimated 50 million barrels 2P.Though market didn't really react.

[seangwhite] 26/5/2015 21:16

Latest news is that PD is getting a Blackberry as it seems to be the future for corporate communications.VGLTA

[granto2] 26/5/2015 18:46

150 sq km.rather than 15km

[granto2] 26/5/2015 18:44

Danny111, No need to repeat yourself 'again' I didn't need to be told the first time, I don't understand why you raise the SH percentage. The Issue is at Oil Barrel presentation last December investors were to the 3D seismic had been mostly completed in in 2014 on 15 sq km on Licence 67. Here's the important thing, PTR stated then that the data had been ongoing in its analysis and that the final report would be ready in December 2014, with the initial examination in October. whether we hold 10% or 90% is of no importance to the timing of this report and the release of the findings. IN terms of the other 50% stakeholder, we will decide their involvement at development decision stage . for now we are focusing on the results of the 3d.

[cfccfc1970] 26/5/2015 18:34

Year end results must be filed at the latest by 30/06/15.....so 30/06/15 it is!!

[danny111] 26/5/2015 18:15

Grant - again, PTR only own 50% of licence 67.

[granto2] 26/5/2015 17:47

RNS
Nowhere on the RNS does it mention License 67. There is a good reason they used 3D seismic here rather than they standard 2d. I think Oil India expressed an interest but said 'look get 3D seismic and then we can talk'. Its a hunch, but why else go for the much more expensive seismic option

[kevjones2] 26/5/2015 17:42

Robin, they seem to be issuing two monthly RNSs. Given the bod's erratic (at best) communication skills that means we could have an RNS at midnight tonight or in bloody October!

[granto2] 26/5/2015 17:42

Ravin

The last line of the RNS refers to the new T-51b control well that has just been spudded. Here it is
-We are also pleased that new production wells are now underway at both the Tungolskoye and Lineynoye oil fields. Current production is about 1,950 bopd and based on recent results, we continue to expect to almost double this figure by the end of the year.”
Note the word 'underway'.
The pipeline is being filled with oil from T-5, but is this with the ump umped 100 bopd or the full 400 electric pumped bopd. This is completely unclear. The only clue is the the production figure remains at 1950bopd. This suggests that the electric submersion pump is still broken, or possibly it is fixed and the output is not being included because it is filling the pipe first.
either way , this is the kind of nonsense that drives investors to distraction, My shareholding here is only 40% of what it used to be. Yet here I am doing they job for them. ( without pay ).

[rockin robin] 26/5/2015 17:28

OK folks at least we know things are on - target, the update - seemingly all good. Plenty to come in the future.Ho - hum...When are the next Results due??

[ravin146] 26/5/2015 17:15

Granto they did...I said to put it on the header...it is the last line of the latest rns. The main topic of interest imo.As for t-5, looking at the rns, I believe that the well is not producing fully. Isn't oil being pumped into the new pipeline first?! As if that was online, we have dropped bopd considerably no?!I know some companies show a regular detailed one by one well update table. That clarity can be useful aswell as dangerous. With the company now setting targets and the farmout bonus related target in place, I believe we should all communicate to the bod to do this. When is the next agm, this communication issue is getting ridiculous now.

[granto2] 26/5/2015 17:08

I remember the first time being in Russian and being totally frustrated how long restaurants took to deliver the food. what takes 15 in the UK takes an hour in Russia. A 3 minute coffee takes 10 minutes… but to be fair it has really improved in recent years. I think seismic reports take about 3 months here now, so lets hope Moscow has them any day soon.

[steelwatch] 26/5/2015 16:59

granto - I had the impression they are not quick.