Petroneft Resources Share Discussion Threads

[tomboyb] 28/1/2021 08:46

NT at 1.1p just as i talked myself into buying more -

David Sturt, CEO PetroNeft commented:

" Our success of achieving production growth across our licences has exceeded expectations and is a testament to the hard work and expertise of our local team.

This is an extremely exciting time for the company. In the coming weeks, we will continue our low cost but carefully considered programme of operations. Each of these operations have the potential to increase production and further improve revenues.

Looking forward we hope to be able to report positive news as this program unfolds throughout 2021."

[bad gateway] 28/1/2021 08:22

How much of the 1800 Bopd is attributable to ptr now?

[tomboyb] 28/1/2021 08:21

Indeed -

1800 Bopd -

Reading last statement and lots of positive noises coming in from management -

[goldenshread] 28/1/2021 08:14

This is looking a VERY attractive investment proposition, under the radar for now but not for much longer IMO.

[broken_arrow1] 28/1/2021 07:56

£27m m/cap would equal 3.2p a share

There were 770m shares issued in Q1 2017, now 840m - over half tightly held

[broken_arrow1] 28/1/2021 07:04

PTR had a m/cap of £27m back in Q1 2017 when they were producing 1200 bopd, now producing 1850 bopd but has a m/cap of only £9m ??

Looks silly cheap.

[broken_arrow1] 27/1/2021 14:11

They want a premium for size now, looks like there are buyers behind the scenes.

Get onboard for the re-rate.

[bmw30csl] 27/1/2021 13:19

Amazing how different the approach is now. Small investments with high relatively assured returns which is righting the ship. If Maxim had wanted to bully this he would have acted differently by now. Mr. Sturt seems a good steward.

[goldenshread] 27/1/2021 09:00

This is just the start of the recovery re-rate, just listen to those interviews posted earlier by Tadtech.

The company has been rejuvenated under new management, they are focused, driven and materially have taken shares in the last fundraise at 1.5p a share, they are aligned to shareholders therefore.

Hard to believe Petroneft is only valued at £9m, having once been valued at £250m back in 2009. They still have the same licences.

This could easily be trading at 10p a share and considered cheap.

[tomboyb] 27/1/2021 08:48

Highlights

-- Licence 61
o Increase in production performance with 1,847 bopd during January (1,727 bopd January 2020) - up 6.95% year on year.

o Good progress on preparations for fracking program on track with two well program to start during first week in February.

-- Licence 67
o Operations to commence year-round production from the C-4 well at the Cheremshanskoye field on course to commence during second week in February.

o Construction of a road linking C-4 to an all-season road on target for completion in Q2.

[space_dust] 27/1/2021 08:32

Very hard to buy PTR shares in any size, makes the prospective upside even more likely when volume returns, clearly the shares are tightly held.

[tomboyb] 27/1/2021 08:22

I agree -


Petroneft Resources PLC Operational Update
27/01/2021 7:00am
UK Regulatory (RNS & others)

Petroneft Resources (LSE:PTR)
Intraday Stock Chart

Wednesday 27 January 2021

Click Here for more Petroneft Resources Charts.
TIDMPTR

RNS Number : 9806M

Petroneft Resources PLC

27 January 2021

PetroNeft Resources plc

27(th) January 2021

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

Operational Update

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 the following operational update.

Highlights

-- Licence 61
o Increase in production performance with 1,847 bopd during January (1,727 bopd January 2020) - up 6.95% year on year.

o Good progress on preparations for fracking program on track with two well program to start during first week in February.

-- Licence 67
o Operations to commence year-round production from the C-4 well at the Cheremshanskoye field on course to commence during second week in February.

o Construction of a road linking C-4 to an all-season road on target for completion in Q2.

Licence 61

Production at Licence 61 has continued to perform strongly in spite of severe cold weather being experienced in the field with temperatures below minus 50 degrees centigrade. To date production for January (up to the 25(th) January) has increased 6.9% compared to the full January 2020 daily production rate, in spite of L-115 production being taken off line to prepare the well for the fracking program, this has resulted in an approximate loss of 100 barrels of oil in total. We continue to see good production performance particularly from the Lineynoye and Sibkrayevskoye fields as well as a leveling off of the production decline at the Arbuzovskoye field.

Work is progressing on a two well fracking program to start during the first week of February. The first well to be fracked is the L-115 well on the Lineynoye field. The well was previously fracture stimulated when first drilled in 2010 but it was only a relatively small frack of 30 tons as it was limited by logistics with the proppant being helicopter ed in. This time we are aiming to carry out a larger 50 ton frack which is more in line with that which achieved such good results on the other Lineynoye PAD 1 wells. The aim of the frack is to investigate if we can improve production from older wells on the field. On success there are a number of other good follow up candidates which can be fracked during the next 2021/22 winter season. This method of production enhancement offers the opportunity to deliver material production gains at very low cost.

The second well to be fracked is the S-373 well at the Sibkrayevskoye field. This field has performed very well throughout 2020 since we connected it to the central processing facility in Q1 2020. We see similar geology in this field to the wells at PAD 1 in the Lineynoye field where the previous fracking results were excellent. The aim of fracking this well is to increase production but crucially it will also provide information which can lead to an improved understanding of the optimum forward development plan for the field.

Licene 67

At Licence 67 operations are also progressing well. Construction of the road from the C-4 well to the all-season road at the C-3 well location has commenced and is already approximately 30% complete. This road is on schedule for completion by the end of the current winter season and will allow year-round production from the field, thereby providing an additional revenue stream for the Company.

Work on putting the C-4 well on year round production is also progressing with production planned to commence no later than the second week of February. Initially the production will be exported utilising a winter road which is already in place.

In addition to the operations on the Cheremshanskoye field, we are also preparing to mobilise a work over rig to the Ledovoye L-2a well to commence work over of the well during February. The aim is to establish commercial oil flows from the Upper Jurassic J1-1 horizon. This focus on the Jurassic offers the potential to deliver additional production at relatively low investment levels. On success we will produce the well for an initial three month period at the same time as working on gaining state reserves approval for the field which on success will enable the well to be on year round production from the end of this year.

David Sturt, CEO PetroNeft commented:

" Our success of achieving production growth across our licences has exceeded expectations and is a testament to the hard work and expertise of our local team.

This is an extremely exciting time for the company. In the coming weeks, we will continue our low cost but carefully considered programme of operations. Each of these operations have the potential to increase production and further improve revenues.

Looking forward we hope to be able to report positive news as this program unfolds throughout 2021."

For further information, contact:

[space_dust] 27/1/2021 07:57

Shareholders cannot complain about today's update, this looks like a great recovery play.

Year round production about to start on Licence 67 + production increasing on Licence 61 + a suite of low cost operations planned to further drive oil production.

Potential multi-bagger.

[filterwest] 26/1/2021 12:02

Time to top up.

[broken_arrow1] 25/1/2021 08:21

Those interviews suggest this dog is about to turn up aggressively shortly, as is usual with AIM punters will only pile in when the shares are on the top of the leader board.

£8m m/cap looks rather low, under radar plays often offer the best gains.

[tadtech] 24/1/2021 17:03

CEO interview from October talks about the new mini refinery and how it will deliver increased profit & revenue

[tadtech] 24/1/2021 16:36

New interview with David Sturt - lots of news imminent.

"Most of our oilfields are increasing production not decreasing production without any new capital being employed"

[tadtech] 24/1/2021 13:16

One of the reasons I bought in is I see significant value being delivered by the new team, perfectly explained in December's presentation



+Oil production increases expected

+Corporate action, to include asset sales

+Increases in reserves

+Material cost cutting

+The Board, funding entities & local business supported the last fundraise and are happy to convert loans at a premium to market price.

+Stated determination to deliver shareholder value & references made imply the company's assets are materially undervalued


I feel Petroneft has turned a corner, hoping to replicate historic gains, bought the lows back in 2009 at 9p, the shares were 20p 6 months later and 70p in 2011.

Time will tell.

[bmw30csl] 22/1/2021 09:27

Good to see the convert rolled and by maturity hopefully it is in the money meaning smaller cash call and that the price is higher!

[goldenshread] 20/1/2021 14:16

Petroneft featured on Sharetalk today, chartist talks of a 2.3p short term target price.

[bmw30csl] 19/1/2021 22:54

One of many undervalued oily minnows. The CEO here is refreshingly commercial and the latent value in infrastructure is way above the current fully diluted market cap. Russia is risky but even accounting for that it is very cheap.

[goldenshread] 19/1/2021 13:49

Looks like this has come back to life.

Valued at £250m in 2011 and now only £10m.

Interesting.

[spudders] 19/1/2021 11:12

Welcome back Tad 👍🏻 Ronseal days returning ??