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

Petroneft Resources PLC
19 February 2008



PetroNeft Resources plc

Announcement of Independently Audited Reserves


PetroNeft Resources plc ('PetroNeft' or 'the Company'), is pleased to announce a
significant increase in Reserves on Licence 61, Tomsk Oblast, Russian
Federation, following completion of a Ryder Scott Petroleum Consultants
independent reserves audit of the Licence area.



Highlights


O 81 % increase in 2P reserves to 60.6 million bbls

O Ryder Scott report net reserves under SPE classification of:

o 1P: 6.7 million bbls

o 2P: 60.6 million bbls (P1+P2)

o 3P: 350.1 million bbls (P1+P2+P3)

O Long term test/pilot production commences

O First oil sales achieved

O 2008 Exploration and Appraisal drilling programme progressing



Ryder Scott Reserves Report

Following the successful exploration and appraisal programme undertaken in
Licence 61 during 2007, PetroNeft's net proved and probable (2P) oil reserves as
of January 1, 2008 increased by 81% to 60.6 million barrels. Proved (1P) oil
reserves increased to 6.7 million and proved plus probable plus possible (3P)
reserves increased to 350.1 million barrels. A total of 3 oil fields and 26
prospects were included in the report.

PetroNeft's reserves have been revised following the recent independent reserve
appraisal conducted by Ryder Scott Petroleum Consultants in accordance with
reserve definitions approved by the Society of Petroleum Engineers (SPE) and
World Petroleum Congress.

The Russian Registered reserves for Licence 61 are also currently being updated.
It is anticipated that this process will be finished in March and that there
will be good alignment with the SPE based reserves.



Update on Production Testing

The long term test/pilot production of the Lineynoye No. 6 and No. 7 wells is
progressing as planned. The Lineynoye No. 6 well has now been commissioned and
is currently producing at a stabilised flow rate of 226 bopd. The Lineynoye No.
7 well is currently being hooked-up and should be commissioned in about 10 days,
with production starting. The production tests will continue as long as winter
roads are in place to truck the oil. The production data will assist in
planning the optimal well fracture programme to stimulate production and enhance
long-term reserve recovery from the fields


Update on Drilling Activities

The three existing drilling rigs are all being moved to the new drilling sites
for this year's planned exploration and delineation drilling programme. The
drilling rig for the Korchegskaya Prospect is now completely moved and is being
assembled. This will be the first well drilled, commencing in March as planned.
Ryder Scott estimates 36 million barrels of possible reserves for this
prospect.

A truck mounted work-over rig has been contracted and is being prepared to be
moved to the Tungolskoye No. 4 well in March to continue the testing of that
suspended well.



Dennis Francis, Chief Executive Officer of PetroNeft commented:

'This reserves increase shows the major progress that we have made in appraising
Licence 61 this past year. Management has successfully made good on its IPO
promise: to monetise and add to the value of the portfolio by increasing booked
reserves, discovering new reservoirs and moving towards production as soon as
possible.

PetroNeft has not only proved a significant reserve base for development, but
also has built up a high quality inventory of prospects which offer upside
through exploration over the medium term.

We will continue to maintain our focus on developing the existing fields and
keep on track for our targeted pipeline production in 2009, whilst remaining
open to any new opportunities which management believes would be worthy of
consideration '





For further information, contact:

Surely this news merits a larger jump than just 7.5%?

If this drilling comes right (3 wells I think)....how about a sp rise (a la ) VOG style....and at a guess ...looks well managed this company, probably better than VOG has been of late !

Further to my previous post : this is like a miniature IEC !

Whoooaa...some movement Ladies and Gents....something cooking perhaps!.

Up again today....if with some good news and oil rising (nearly $9 in one day)..., this would fly for sure....just got to hope for some !

yes its looking good agin for PTR, hopefully this time the sp will stick?

A little calculation : without going into complicated well names ; by my reckoning :245 barrels per day and 85 barrels per day totals : 335 barrels per day before tests are finished and before stimulation....you could come up with about 1000 barrels per day at the beginning of fullscale production in 2009, and they are probably going to drill development wells all over the area....so you could easily come up with a lot more...and there is the exploration upside to be taken into account as well....market cap (I think) of 45million with an absolute minimum income from sometime in 2009 of 50000 per day....multiply this by 365 days and I come up with an income of 18 million plus per year before expenses and this is an absolute minimum.....what do you think Andy ?,....a further fundraising for this company seems inevitable but big prospects !.

I think huge prospects but maybe some fund-raisng to get there, probably at a discount in current markets but then huge opportunity with the main risk being the Russian governments desire to curb foreign profits from its natural resource assets.

An update is well overdue....movable oil discovered in the exploration well (very good sign), but might not be in commercial quantities....but the other wells should be fine...if this is what happens sp might not drop by much....any success in the former and I would expect a 10p increase in the sp....though I might be clutching at straws...and knowing my luck....anyway we shall see....overall looks like a Russian Nighthawk !.

Great update...market reaction.... : sp drops....really I fail to understand why these things happen...oil at an all time high, 4000 barrels of oil by end 2009 (not that far away), 12000 barrels by 2012....a little undervalued perhaps...(by a mile)...what does the market want ? a miracle ?.

Ludicrous drop here...but what can you do if the market doesn't like the update !, well.... down the sp goes and I am staying in..., if this company delivers and so far to the best of my knowledge is doing so...this should go above 50p on production or the run up to it...and if it ever produces 12000 barrels per day then it should be way above 100p....!.

Good right ups in Shares magazine...undervalued !.

Another step in the right direction !.

Finance arranged - $80m - Road block removed.

Yes oilwatch...this is starting to tick all the right boxes....things are moving quickly....sp is a bit slower....this should be double what it is now !.

Funding completed....no doubt this will come right....4000 barrels per day in a year....climbing to a possible 14000 in 2012...reminds me in production figures of Emerald Energy.....they are not there yet (in market cap) size, but the signs are there.The next step will be to bid for another licence....PTR will come right in time...for me : good one to tuck away...shame the market doesn't push the sp up...but it will in time !.

More good news....when on earth will this ridiculous market recognize this stock ?.....there is seldom any bad news ever here....and yet the sp will not climb...next year this will be a mid-cap aim oil producer and nobody wants to know !.

Another good deal by PTR...this has just got to go higher !.