Petroneft Resources PLC Operations Update (5602L)

TIDMPTR

RNS Number : 5602L

Petroneft Resources PLC

20 July 2017

PetroNeft Resources plc

20 July 2017

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Operations Update - Drilling of S-375 well commenced

PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 is pleased to announce that it has commenced drilling the S-375 delineation well at Sibkrayevskoye.

The S-375 well is being drilled on the northern structural lobe of the field approximately 2km south of existing wells that contained about 10m of net pay. If successful, it should lead to the development of the Sibkrayevskoye oil field commencing in 2018. Drilling has now commenced and it is expected to take up to eight weeks to drill and test the well. The Sibkrayevskoye oil field is estimated to contain over 50 mmbls of 2P reserves (>25 mmbbls net to PetroNeft).

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

"We are pleased to have drilling of the S-375 well underway. We look forward to sharing the results of the well with shareholders and recommencing a significant work programme at Licence 61 in 2018."

For further information, contact:

 
 Dennis Francis, CEO, PetroNeft Resources    +1 713 988 
  plc                                              2500 
 Paul Dowling, CFO, PetroNeft Resources      +353 1 647 
  plc                                              0280 
 John Frain/Brian Garrahy, Davy (NOMAD       +353 1 679 
  and Joint Broker)                                6363 
 Henry Fitzgerald-O'Connor, Canaccord           +44 207 
  Genuity Limited (Joint Broker)               523 8000 
                                                +44 207 
 Shabnam Bashir, Citigate Dewe Rogerson        638 9571 
 Joe Heron / Douglas Keatinge, Murray        +353 1 498 
  Consultants                                      0300 
 

The information contained in this announcement has been reviewed and verified by Mr. Dennis Francis, Director and Chief Executive Officer of PetroNeft, for the purposes of the Guidance Note for Mining and Oil & Gas Companies issued by the London Stock Exchange in June 2009. Mr. Francis holds a B.S. Degree in Geophysical Engineering and a M.S. Degree in Geology from the Colorado School of Mines. He has also graduated from the Harvard University Program for Management Development. He is a member of the American Association of Petroleum Geologists and the Society of Exploration Geophysicists. He has over 40 years' experience in oil and gas exploration and development.

End

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBLGDRBDBBGRC

(END) Dow Jones Newswires

July 20, 2017 02:00 ET (06:00 GMT)