Petroneft Resources Share Discussion Threads

[steelwatch] 02/10/2014 07:31

sean - ravin asked the question!!!!

[seangwhite] 02/10/2014 01:55

Enough of expensive reports just pump oil!!!!

[steelwatch] 01/10/2014 22:44

Might also be worth ploughing through the original Ryder Scott report contained within the Admissions Document for Licence 61 only:

[dbarr0n] 01/10/2014 19:24

ravin..

Read for licence 61



Read for licence 67

[ravin146] 01/10/2014 18:54

I believe Oil India have done their homework, that's why I have faith production will increase. As for reserve increases/ new discoveries it is down to nature of the field. Dbarron or anyone else, have a summary of the history of the fields. I.e were they previously drilled and what were the results etc. Anyways I'm off for now keep repeating things now and be back when we have a RNS! Gla

[seangwhite] 01/10/2014 12:27

Well Ravin looks like we have the same viewpoint and the RNS on T5 horizontal drill could be the 'New Dawn' for PTR

VGLTA

[rockin robin] 01/10/2014 12:25

Depends on how long you've been invested Ravin.If you've just joined, you'll want 100% massively positive results on all fronts.If you've been here since 20-15-10p you'll just want the Company to get back on its feet and keep going. With a view to get your money back. Other possibilities to play out etc. What would be your forecast if Oil hadn't arrived?As a individual shareholder you in a pot with 70,000 other folk - all with difficult agendas. Please tell me you not invested here, because you expect only a massive turnaround in the Company's reserves and every vertical well to hit 600 bopd?

[ravin146] 01/10/2014 12:02

Wow RR^^^ please tell me you have not invested here based alone on PTRs debt being wiped out and accounts looking better ....'whatever the drilling outcome' it is all about the drilling outcome and seisimic analysis!

The debt removal/funding is just a means of allowing the company to fund the drilling etc. You can drill to the core of the earth and back, but if the drilling outcome is not enough oil, then mission control we have a problem certainly. Investment here should be based on expectation of a a good drilling outcome, due to the horizontal method yielding higher production than the sole vertical method and faith that Oil India's expertise will help increase production and analysis of the seismic data going forward.

Gla

[rockin robin] 01/10/2014 10:34

Whatever the drilling outcome, the simple point is, Oil has now wiped out PTR's debt.The Co.s accounts will look significantly better next time...and anything else happening - will be a complete bonus.Simples. 14p. Out the park. Goodnight.

[seangwhite] 01/10/2014 07:34

DbThe problem with PTR increasing its 2p reserves is that without showing an increase in production the market will just ignore it and the share price will continue to languish around current levels.AIM is crowded with E&PS with potential resources but limited capital and all with low EV.PTR have (unusually) capital available and let's hope they use it better than in past years or the next share price target in the short term will be under 5p again!T5 results and the way they are given out might mark the start of a new era for all holders.VGLTA

[dbarr0n] 30/9/2014 22:03

ravin..

The 61.68 sq km of 3D Seismic done on Ledovoye and the 95.16 sq km of 3D Seismic done on Cheremshanskoye will lead to a reserves update and hopefully an upgrade.
In my opinion there is up to 40 million barrels P-2 yet to be booked, whether the seismic alone will be enough to book these reserves is the question.

Cheremshanskoye has no reserves booked as of yet and it is estimated that there are 18 m bbls net to Petroneft in just the upper Jurassic J1 (reservoir = 8.3 mtrs) and no reserves booked for the lower Jurassic J14 (reservoir = 6.5 mtrs).

Ledovoye has 14 million bbls p2 net to Petroneft booked for the upper Jurassic J1 (reservoir = 4.4 mtrs) but no reserves booked for the Lower Cretaceous (reservoir = 4.5 mtrs)

[ravin146] 30/9/2014 19:26

Nice summary, my point is an upgrade, a huge upgrade to the reserves/ based on new seismic data analysis that is reported to the market. Yes they may have done one for one field/ doing..Upgrade that is what the market may like.

[dbarr0n] 30/9/2014 18:48

ravin ..
Seismic has already been done on Tungolskoye.
The T-5 results will show whether Horizontal drilling is going to be successful and will indicate how much it will increase flow rates by.

Pad 1 Tungolskoye.
T-5 is located on 7.5 mtrs net pay and will only be 300 mtrs in length so the other horizontal wells will be better,
1 well 7.5 mtrs net pay 1000 mtrs horizontal section.
1 well 12 mtrs net pay 1000 mtrs horizontal section.
4 wells ≥12 mtrs net pay 1000 mtrs horizontal section.
5 wells 7.5 mtrs vertical.
1 well 7.5 mtrs vertical.
The vertical wells will be initial production wells then converted to water injectors.

Also
Arbuzovskoye,
A minimum of three new production wells to be drilled on Arbuzovskoye Pad 1, up to 5 depending on results.

Sibkrayevskoye,
2D seismic is going to be done on Sibkrayevskoye early next year and a delineation well drilled later this year early next year to confirm and de risk the structure to plan for production in 2016.

Emtorskaya and W. Lineynoye
Seismic is also going to be done on Emtorskaya and W. Lineynoye, it will also further detail three significant leads in the Northern portion of the Licence area.

Licence 67,
163 km2 of high quality 3D seismic has been done on the Ledovoye and Cheremshanskoye oil fields,
results later this year.

[ravin146] 30/9/2014 16:36

Well depends what the markets want...higher production levels as a result of positive horizontal flows or is it the seismic results which will re-rate the reserves?! Gla

[crudde99] 30/9/2014 12:49

Look guys i wouldn't count the chickens yet. Even if T5 is a success it isn't a given that T5 results will boost this share price .!! There have been lots of false dawns here over the last 12 months or so .... were still at 6p odd.... Re. PTR the markets are going to need some MAJOR convincing and continued positive performance here before they will risk getting burnt yet AGAIN...!!! It will take a long time guys but i believe it WILL happen.... GL2A

[dubhgeannain] 30/9/2014 12:33

So they could have reached the target depth by now and could be in the process of testing. I've got a touch of OCD looking at this stage constantly checking for that RNS release.

I think the long term outlook is good but obviously would like to see positive news flow ASAP like everyone else no doubt.

[dbarr0n] 30/9/2014 11:28

Any day now.. On the 26th the drill bit was at 2,500 m, the reservoir is at just over 2,600 m so they should be flow testing at present.

September 26, 2014
Tungolskoye No. 5 delineation well
This well, the first horizontal well to be drilled on Licence 61, was spudded at the end of August 2014. The well will include a
vertical pilot hole followed by a horizontal segment in the reservoir. It is planned to core, test and log the J-1 reservoir in the
vertical hole before drilling and testing the horizontal section. The data obtained will be used to finalise the pilot development
plan to develop the field and tie-back to the Lineynoye processing facilities. The pilot hole is currently drilling ahead at a depth
of 2,500 m. The entire well will take an estimated 60 days to drill and complete. Assuming a successful result, additional
horizontal and vertical wells will be drilled at Tungolskoye during 2015 and a pipeline will be constructed to the Lineynoye Central
Processing Facility.

[dubhgeannain] 30/9/2014 10:26

Any sign of drill results?

[ravin146] 29/9/2014 20:31

@dbarron *exploration and production increases

[seangwhite] 29/9/2014 19:57

DbYour knowledge of PTR is very useful to us here who are a bit lazy at reading the various facts that have been published.My comments are not meant to argue the facts just that the share price has been brought so low despite the P2 increases and my po int is only production increases will lead to PTR getting a decent valuation.The T5 horizontal drilling could be the catalyst for a change in the outlook for future production.VGLTA

[dbarr0n] 29/9/2014 19:21

ravin... You seem to be contradicting yourself, and agreeing with a post that is not correct.

The majority of the 45 million is being spent on increasing production, not exploration as you say. and the delineation well on Sibkrayveskaya is merely to confirm the structure, when correlated with the seismic it may increase the reserves.

There are reserves to be added at licence 67 at Cheremshanskaya, at present no reserves have been booked on this field.

The Cheremshanskaya No. 3 well discovered three separate oil pools and established the Cheremshanskoye oil field. These intervals were the J14, the J1-3 and the J1-1 + Bazhenov. The area of the field is very large encompassing almost 40 square kilometres and further delineation and pilot testing will be required to assess the true size of the field and ultimate development plan. There are large producing fields nearby with similar characteristics and the strong indications are that Cheremshanskoye will prove to be a substantial discovery upon further delineation. The likely next step here is to acquire 3D seismic data over the field.

The seismic has now been done and we should see the results before year end..

[ravin146] 29/9/2014 18:50

Seangwhite agree with entirely. Dbarron you can add some value, some as in very little, for the farmout, as that saved this company and no one else was prepared to buyout the company i.e farmout secured funding to explore. But if exploration results poor results, then don't expect any more value added. As for oil in the ground, well it's still in the ground. Reserve upgrade will certainly re-rate this stock, but that is only until we get seismic interpretation, as has happened recently eg aminex. Aminex added value on good results, and a big upgrade on reserve, yet still is trying to secure funding, which proves my point earlier. The $45 is a good, but whether it adds/added any value atm is not apparent. The oil rates will do the talking now, not management, and as I have said before, oil India must have done their homework. Gla

[man1] 29/9/2014 15:04

They certainly don't like the little buys when they want ur shares

[rcturner2] 29/9/2014 14:33

Shame they can't run the business for less than the gross profit. That would be a novelty.