PetroNeft Resources Public Limited Company is a public company registered in Ireland (Company number 408101). Its registered office address is PetroNeft Resources plc, 20 Holles Street, Dublin 2, Ireland. The Company was established to develop oil assets in the Tomsk Oblast in Western Siberia and was admitted to the London AIM and Dublin ESM Markets on 27th September 2006.

The main assets of the Company are a 100% interest in a 4,991 km2 oil and gas licence (Licence 61) in the Tomsk Oblast in Russia, held through its wholly owned Russian subsidiary, Stimul-T and a 50% operating interest in a 2,447 km2 oil and gas licence (Licence 67) also located in the Tomsk Oblast. Both licences are located in the prolific Western Siberian Oil and Gas Basin. Licence 61 contains seven known oil fields, Lineynoye, Tungolskoye, West Lineynoye, Kondrashevskoye, Arbuzovskoye, Sibkrayevskoye and North Varyakhskoye and over 25 Prospects and Leads that are currently being explored. Licence 67 contains the Ledovoye and Cheremshanskoye oil fields and numerous prospects and leads.

News

http://petroneft.com/news/2012/

halifax lol

Take a closer look,they have just had their fifth straight success on a new field and
according to company all above expectation.They have been unlucky with some very
cold weather locally lately thats all and if you check through the stats you will see
that when all the current wells offline for repair ate back online and added to the new
wells they will be at their highest ever total production level.

As the mm,s were so kind to lower the sp today i actually bought another 500k and
will take a few more later,watch this move up over next week or two.My target this
year is over 20p on this and think i will get it.

Mikel, bon chance.

halifax if that was french for good chance you are astute,not many companies with
a near 1m barrel per year production level and huge reserves trading at these levels.

Bon Luck!

Mikel,i took another huge chunk of these yesterday and here is why!

Was just looking through the latest news item,another well success which flowed at
140 bopd so now that is five wells at Arbuzovskoye and five successes.Adding these
up it now amounts to over 1500 bopd at the half way stage and actually double the
original expectation of 150 bopd per well x 5 which would have been only 750 bopd by
now.

They have taken a few of those wells offline for maintenance and pressure testing
which i think was scheduled anyway at half way stage.But in effect they have now
increased production to 3000 bopd from 2800 bopd in last update when they put
the wells back online. And it actually could be more like 3200 bopd because there
are some wells at the other licence 67 which were taken offline for pump repairs at
end of 2012 which should be back on shortly.

I would also add when you consider they have just been working in the few coldest
months in siberia it must now give them a head start on this years program to be at
this point,and with weather now turning in their favour i would be amazed if they are
not at 3200 bopd or over in the next update.They are also drilling ahead on the next
well at Arbuzovskoye.

jazz i totally agree it was a crazy reaction to what is bloody good news,and as you rightly point out they could actually be at 3200 bopd in a week or two with all the wells online.I might grab even more monday :-)

jazz & mikel, interesting posts chaps and i agree with you,there was a post over on Lse that i paste below
as its very much my angle on this too.


From Lse :

"That is exactly the point :-) not only are they producing but they have doubled their production output over the last year and all of this has come from their 100% licence 61,so this additional 1500+ bopd is effectively worth 3000 bopd if it were on their other licence where they are 50% with Arawak ( VITOL ).And as per my previous post they are only half way through the funded program at Arb but already slightly over what they were expecting over the whole ten well program. Five drills and five straight hits all flowing under natural pressure tells me they have a very healthy bearing zone at arb and dont forget this is one of their smaller fields (they have some huge fields yet to get going ).

The news they put out friday said in basic terms that they are now at 3000 bopd or over,but we wont be there for a few weeks while we carry out some repairs,and they also have a number of wells at licence 67 due back online anytime now after pump repairs that will add a further 200 bopd. The latest well is now drilling ahead at 61 so there is a good chance that by the time that reports they will be at 3200 bopd anyway PLUS whatever the new well delivers. A rare opportunity to get in on something significantly undervalued (they also have huge P2 reserves valued at just 60 cents per barrel )."

time to take a look at the stock,
on the move up, large volume than lately and looks ready to break the important 3p

Another rise today, but some profit taking has been taking place by the amount of volume on the trades

Retracement done today was on the move up with some larger trades

3.45p +0.20p

The bounce after retracement goes on today on higher volume once again
Looking at the chart, clearly show rising with volume and dropping with hardly any volume

The Arctic Tiger starting to roar alright for the last couple days 3.60p at the moment, but was higher earlier

Following the bullish 11th September RNS this should see PTR recover back to previous higher levels from here if this can move above the 200ma at 4.15p

Yet another strong move up this morning now 4p with volume on hald day gone is already higher than yesterday

According to the sources close to the company the undisclosed Asian oil and gas producer submitted the non-binding indicative offer to PetroNeft Resources plc (PTR:LI) regarding its willingness to acquire 50% equity shareholding in licence 61 (via a number of PetroNeft subsidiaries, Worldace Investments Ltd. and Stimul-T OOO). Licence 61 issued by the Government of Russia allows PetroNeft to explore the sub-soil area in Tomsk region of Russia. The Asian O&G company offered the full repayment of USD 14 million Macquarie loan (payable in 2014) and USD 30 million development Capex for Licence 61.

The announcement is fully in line with Dennis Francis (CEO of PetroNeft Resources plc) recent comments: "We have made good progress on the re-financing and farm-out fronts in the last month. We appreciate shareholders continued patience and support while these negotiations are completed. The successful completion of either of these objectives will enable us to recommence our drilling programme and return to building production."

Research analysts see the news as highly positive for PetroNeft as licence 61 farm-out is crucial not only for further development but also for the financial security of PetroNeft. The recent share price dynamics supports the positive shifts on PetroNeft's re-financing and licence 61 farm-out.

http://www.vedomosti.ru/companies/news/14353471/nenazvannaya-aziatskaya-neftegazovaya-kompaniya-zainteresovalas-petroneftyu..