This looks a very good bet? Mentioned in the share magazine.

At least it's up today....should be 3 times this price...

Has risen 2 days on the trot,high volune today,1.322m traded.Is news on the horizen ?

what is the actual date for ptr's results coming this month?

I don't know of thr date,bit if last years interims are anything to go by(Sept8th)soon?

PetroNeft Resources Plc

Chairman's Statement


Dear Shareholder,

To date, 2011 has seen further significant progress for PetroNeft. Our exploration programme has resulted in our largest discovery to date at Sibkrayevskaya and drilling results at two of our other targets are due in September. On the production well drilling, while we had a disappointing result at Pad 3 to the south, we have significantly extended the Lineynoye oil field beyond previous estimates to the north of Pad 2 where we continue to encounter encouraging net oil pays in the northern portion of the field. On balance, we expect the Lineynoye field reserves to remain about as predicted earlier, while very substantial reserves will be added at year-end as a result of our 2011 exploration drilling programme.

Production
Production in the six months to 30 June 2011 was 399,327 barrels of oil or an average of 2,182 bopd. During January and February most of the wells were offline in order for the hydraulic fracturing programme to be carried out. This programme achieved good results and provided essential information that will help us optimise the design of these programmes in the future to achieve even better results.

Beginning in October 2011, we plan to carry out a new fracture stimulation programme of about eight wells primarily focussed on new wells at Pad 2. In the first quarter of 2012 we will carry out a further fracture stimulation programme on the remaining wells drilled during 2011 and, depending on the results, we may also re-frac some of the Pad 1 wells that initially had smaller fracture stimulations carried out in early 2011.

Development drilling programme
At the beginning of 2011 we planned to drill 17 new production wells at the Lineynoye oil field, nine at Pad 2 and eight at Pad 3. We now expect to drill a total of 14 or 15 wells this year, all but two of which will be from Pad 2.

At Pad 2 we have now drilled ten wells and expect to drill two or three more before the year end. The principal reasons for adding wells at this location were the thicker than expected net pay encountered and discovering that the field extends further north than expected. At Pad 3 the first two wells encountered thinner net pays than anticipated and we took the decision to suspend drilling from this pad in order to test the two wells over the coming months and re-allocate technical and financial resources to drill additional wells north of Pad 2 where thicker pays have been encountered.
The results at Pad 3 led us to amend our near term production targets at the end of June 2011. While we will lose some reserves from the Pad 3 area when we compile our year end reserve report we are confident that this will be substantially offset by reserve additions north of Pad 2. The results we are achieving from the drilling at Pad 2, combined with updated seismic interpretations that incorporate the drilling results, also indicates that not only are the Lineynoye and West Lineynoye oil fields connected but that the overall Lineynoye field could extend significantly further north and be connected to the Emtorskaya high north of Lineynoye.


Exploration
Five exploration/delineation wells will be drilled in 2011, three at Licence 61 and two at Licence 67. Two have been drilled to date, one of which led to our largest discovery to date at Sibkrayevskaya. The third and fourth wells are in progress and their results should be available shortly.

Licence 61
The Kondrashevskoye No. 2 well was completed in June 2011 and encountered 2.3 m of net pay in the J1 interval, similar to the 2008 discovery well. The well tested high quality 41⁰ API gravity crude oil at a prorated inflow rate of 32 bopd on a short open hole test (without stimulation). As neither Kondrashevskoye well encountered the oil water contact for the field we sidetracked the No. 2 well down-dip to locate the oil water contact and determine the full reserve potential of the field. The reservoir interval of 3 metres in the sidetrack section was slightly thicker than in the vertical well with the top metre of the reservoir being oil bearing. Production casing has been run and cemented in the well so it can be used when the field is developed.

Based on these results, the well has most likely confirmed the existing independent Ryder Scott 2P reserves of 8.1 mmbo attributed to the field and we will now update the reserves with the Russian State Reserve committee in preparation for field development. The exact timing of development will depend upon how the economics of this field compares with other nearby fields, most notably Arbuzovskoye.

The second well in this year's programme was drilled at the Sibkrayevskaya prospect. The well was spudded in July and target depth was reached in early August.

The Sibkrayevskaya No. 372 well was a follow up to well No. 370 which was drilled in 1972. A comprehensive re-interpretation of the vintage well logs and drilling data from the 370 well using digitised logs and modern interpretation tools had indentified potential "missed pay" of 8.4 metres in the Upper Jurassic J1 interval. In the new well, the Upper Jurassic J1 oil reservoir horizon was intersected as expected and encountered 12.3 metres of net pay, exceeding pre-drill estimates. An open hole test was conducted over this interval and tested at a pro-rated inflow of 170 bopd unstimulated. The oil is of good quality with an API gravity of 37 degrees, which is consistent with other fields in Licence 61. The well has now been cased and a programme of drill stem testing is in progress.

Sibkrayevskaya is a very large structure which will require additional seismic and well delineation. The 372 well was drilled in a flank position on the structure and current mapping shows an area of over 50 square kilometres up dip from the oil-down-to level defined in the well. Current indications are that the ultimate recoverable reserves in the field are likely to be significantly larger than the 44 million barrel pre-drill estimate defined by Ryder Scott and the field will certainly be an important commercial development project for PetroNeft. The discovery also extends the area of known oil to the northeast corner of the licence area and improves the prospectivity of other structures in this area.

The final well to be drilled at Licence 61 in 2011 is at North Varyakhskaya. This well was spudded in August and a result is expected in September.

Licence 67
Two exploration wells are planned at Licence 67 in 2011. The first well, at the large Cheremshanskaya prospect, was spudded in late August. The well is targeting three separate horizons at the Upper, Middle and Lower Jurassic zones. Each horizon will be cored, tested and logged separately and initial results are expected in late September with results of lower horizons coming in October.

The second well at Licence 67 is at the Ledovoye oil field to delineate the Upper Jurassic zone but also targeting the Lower Cretaceous horizon. This well will spud in November with results expected in December.




Successful debt refinancing
In March 2011 PetroNeft agreed a revised debt facility with Macquarie Bank. The new loan is a longer term scalable borrowing base facility with increased flexibility at lower cost. Under the three year loan the initial available amount will be US$30 million with potential to increase up to US$75 million through the addition of new discoveries and developments subject to credit approval. The borrowing base will be reviewed every six months. The first review was completed in July 2011 and re-confirmed the US$30 million availability.

Financial results for the period
The net profit after tax for the period was US$3,067,178 (June 2010 loss: US$(5,287,356)). The profit includes a foreign exchange gain of US$5,969,474 on loans denominated in US Dollars, Russian Roubles and Euro from PetroNeft to its Russian subsidiaries Stimul-T and Lineynoye whose functional currency is the Russian Rouble.

Great news today, buy no price movement up... Market Manipulation?

Discovery of New Oil Field at North Varyakhskaya



PetroNeft Resources plc (AIM: PTR), the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce the discovery of another new oil field in Licence 61 at North Varyakhskaya.



Highlights:

Seventh oil field discovered in Licence 61

North Varyakhskaya No. 1 well makes oil discovery in main Upper Jurassic target

o 2.2 metres of net oil pay confirmed in J1-1 interval

o Open hole inflow test of 36 bfpd (unstimulated)

o Good quality oil - 36 degree API

o 2.5 metres of potential additional net pay in J1-2 interval requiring further testing

Development drilling at Lineynoye continues to push field boundary significantly further north

o Several wells have encountered materially thicker pay beyond the originally expected northern field boundary and have pushed the observed field oil-water contact at least 5 metres deeper

211 well encounters second thickest net pay interval to date

o One additional well is now planned to be drilled to the north of the last two wells

Exploration commenced at Licence 67 with first well now coring the uppermost objective with oil shows in the core.



North Varyakhskaya No. 1

The North Varyakhskaya No. 1 well at the North Varyakhskaya prospect located 6 km to the east of the Lineynoye Central Processing Facility was spudded on 17 August 2011. The well, which was drilled on the crest of the structure, has encountered approximately 2.2 metres of net oil pay in the J1-1 reservoir interval in a gross sand package of over 5 metres. There is also an additional 2.5 metres of potential oil pay in the J1-2 reservoir interval that will require more detailed logging and testing to confirm. A short open hole test of the J1-1 interval produced an inflow of 36 bfpd consisting of oil and mud filtrate. The oil is of good quality, 36 degree API, which is consistent with other oil fields in the Licence area. This preliminary test indicates that the reservoir will need fracture stimulation for economic development, as is usual in the area.

Great news today also, but the shareprice has got me asking the same question again..

No, theone23. Quite a few companies have produced good drilling resilts recently, yet the sp's have barely moved or have, in fact, gone down. The whole market is weak atm, with many investors seeking safer stocks with some kind of return. When investors are making money and seeking the more risky stocks then many of these will surge ahead, imo, but not yet.

At some stage this will take off, we just have to be patient ; I have a target of something above 100p !.

Just saying, early august this went to the 40p region, on a new field discovery, when the market was in a very bad place. I believe the news title was ptr only riser or something along those lines.. Now its had two great announcments and nothing? Hmm.

etroneft
(PTR LN)
Update on operations points to discovery of new oilfield and first signs of hydrocarbons on important Licence 67 well
21 September 2011
Job Langbroek
Closing Price: $0.44 Rating: Outperform 09/08/10

FACTS: Petroneft has reported that the North Varyakhskaya well has 2.2 metres of oil-bearing reservoir. Drilling on the northern extension of the Linenoye field continues to hit further thick reservoir sections of oil pay. The Cheremshanskaya #3 well, the first on Licence 61 to be drilled by Petroneft, has hit oil shows and is currently coring.

ANALYSIS: The North Varyakhskaya is the third field to be discovered on Licence 61 this year. It has hit oil in the J1-1 sand, the uppermost of the two normal Jurassic targets. A further 2.5 metres of possible pay was also hit but needs further testing to confirm if this is the case. The J1-1 sand flowed at 36 barrels per day on test, indicating that fraccing will be required (as is normal for these fields). North Varyakhskaya qualifies for the full MET relief of 50%.

The drilling at the northern end of the Linenoye field continues to turn up good thick reservoir, and the observed oil water contact is now at least 5 metres deeper which bodes well for reserve additions.

The first well by Petroneft on Licence 67, Cheremshanskaya #3, is currently coring and hydrocarbons shows have been seen. This is the first of three target zones in a well that has material reserve implications. The first zone alone could add up to 30m barrels net to Petroneft.

DAVY VIEW: We currently value Petroneft at 80p per share and the news today from North Varyakhskaya is expected to be NAV accretive, although probably limited in scale given the size of the intersection. While we await the final outcome of the drilling programmes to the north of the Linenoye field and the group's first well in the Licence 61 (should read "67") Cheremshanskaya structure, both operations have the potential to add material quantities of reserves and hence additional value.

http://www.davy.ie/LR?id=17

Wake up cyril.

PTR have a M/Cap of 110m and P2 reserves around 150mbo,so a little over $1 a bareel oil,Daveys 80p SP would suggest they value oil at $3bo? So why the low price,well imho it's more to do with failure to increase production,2100bopd day is not good enough to
produce any whorthwhile profit in Russia. It was supposed tp be 8000bopd end of this year,but now Q2 2012 for 4/5k of bopd,so the market is not impressed.
It would be nice to have a RNS stateing the fraccing so far has been sucessful and production is in excess of 3000bopd with more to come,wishful thinkung,me thinks?
we now wait for the drilling of Ledovoya 2a well,with results sometime in Nov. I'm holding at these levels,hope i'm wrong but no great improvement until 2012? aimho.

Edil
Bernard, My post was for the brokers comments.

It's the production levels that are holding back the sp.....just has to climb at some stage as wells are brought on line.

RF,spot on,enough to make worthwhile profit,bottom line.

seems to be in a tailspin at the moment.

Very dramatic drop, not fun to watch..

Seems to have settled and not wanting to come backup.

Ledovoya2a well news should be with us 2/4weeks,fraccing continues witch should dramatically improve flow rates? Hopefully 3500+bopd by year end and a favourable
oil tax starting in the 2012.All with price of oil holding above $80 should imho reward the patient,assuming markets conditions hold up?