Petroneft Resources PLC Operations Update (5602L)
20 July 2017 - 4:00PM
UK Regulatory
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)
Petroneft Resources (LSE:PTR)
Historical Stock Chart
From Apr 2024 to May 2024
Petroneft Resources (LSE:PTR)
Historical Stock Chart
From May 2023 to May 2024