🕐29.06.12 - 08:54 Uhr
PETRONEFT RESOURCES PLC 2011 FINAL RESULTS AND OPERATIONS UPDATE
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PetroNeft Resources plc2011 Final Results and Operations Update
2011AnnualReport
2011 Annual Report
PetroNeft Resources plc("PetroNeft" or the "Group" or the "Company") (AIM: PTR)
owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased
to report its final results for the year ended 31 December 2011 and to provide an
operations update.
In addition, PetroNeft announces that the Companys Annual Report
and Accounts
for the year ended 31 December 2011 and Notice of AGM will be posted to shareholders
today (29 June 2012) and is now available online at the Companys website www.petroneft.com
Operational Highlights
* Average production of 2,049 bopd.
* Group 2P reserves increase 36% to 131.7 mmbbls.
* Group P1 reserves increase 50% to 20.0 mmbbls.
* Sibkrayevskoye discovery in August 2011 was the largest single discovery
made by PetroNeft to date.
It contains 49.8 mmbbls of 2P reserves.
* Expanding the central processing facility capacity at Licence 61 to 14,800
bfpd.
Financial Highlights
* First full year of production with 748,079 barrels produced, up from 189,508
in prior year.
* Capital expenditure of US$52 million.
* Improved Macquarie Debt facility agreed in April 2011.
* New US$15 million loan facility with Arawak Energy agreed in May 2012.
June 2012 Operations Update
* Arbuzovskoye No.1 well producing at 350 bopd without fracture stimulation.
* Current total production steady at 2,200 bopd exclusive of wells temporarily
shut-in for pressure transient testing.
The Arbuzovskoye No.
1 discovery well is now in production and has been producing
with an electric submersible pump at a rate of about 350 bopd since mid-May 2012.
So far it has shown essentially no decline and a water cut of less than 2%.
This
is comparable to the best wells drilled at Pad 1 at the Lineynoye oil field, prior
to fracture stimulation, and is in line with the excellent test results achieved
on this well when it was first drilled in November 2010.
It is expected that a drilling crew will arrive on site at Arbuzovskoye in the coming
weeks to commence drilling new production wells, the first of which we expect to
bring into production in Q3 of this year.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
"Overall, 2011 was a busy year with mixed results.
PetroNefts first full year of
production and its largest ever work programme resulted in great exploration success
but disappointing productivity.
However, production levels have been stabilised
and we are delighted with the rate being achieved from the Arbuzovskoye No.
1 well
at present which bodes well for future production at the field and for our future
cash flows.
Positioning the Group well financially in the years ahead such that it can fully
exploit the many opportunities available to it is of crucial importance.
To this
end, we have initiated discussions with a range of strategic investors about possible
farm-outs, long term off-take agreements and potential equity or asset investments
which in the long term would strengthen the Groups financial position."
Full 2011 Results Announcement
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources plc
+1 713 988 2500
Paul Dowling, CFO, PetroNeft Resources plc
+353 1 647 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
+353 1 679 6363
Henry Fitzgerald-OConnor, Canaccord Genuity Limited (Joint Broker)
+44 207 050 6500
Martin Jackson, Citigate Dewe Rogerson
+44 207 638 9571
Joe Murray/Ed Micheau, Murray Consultants
+353 1 498 0300
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