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

Very good news and the SP has reacted accordingly so far today.

Due for a rebound, project back on track soon with rising crude ? Rns coming ?, if oil rises above $50, I would like to think so. !

Wakey..wakey !...660 barrels per day and rising and directors buying....!.

Is a transfer from father to son a big deal????

No, but the father bought them !.

This stock i s starting to interest me,valued at 43 and with 70m P2 reserves.
Now 43m*1.6534= $71m,so $1bo, i would normally expecr a min of $2bo from
this part of the world and with 10mbo P1 along with 660bopd production(sold locally so maybe $20/30bo?)it looks quite a investable opportunity and a brokers note just out stating 41p.
In less than 12 months a pipeline will have been constructed and 11wells drilled
giving a possible 4000bopd? I need to find out what taxes are due and debt but at 1st glance an excellent company,probably take a small position to start.
cyril

Nice graph....really steady upward trend....I'm still at a loss but will stay put for the next year...

well i agree with noc and what with some big shot - whose name escapes me- freshly on board )pun unintended) i bought a few at 22/23p along with some mxp ..Strong chart-10,30 and 100 day ema of 22.4 , 21.41 and 19.65 illustrate its in upward trend .

nice move upwards today on the back of spudding news, sp target 40p.

Excellent news


PetroNeft Resources plc
("PetroNeft" or the "Company")

Operations Update

Positive result from first three production wells, pipeline complete and
awaiting final testing

PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67,
Tomsk Oblast, Russian Federation, is pleased to provide an update on its
operations.

Highlights:

First three production wells successfully drilled

Pipeline construction complete, testing imminent

Construction of production facilities on schedule

Arbuzovskaya exploration well site preparations nearing completion

Development Drilling
Drilling of the first three of nine production wells at the Lineynoye oil field
planned for 2010 have now been completed ahead of schedule. Preliminary log and
survey data indicate that the results of these wells are in line with
expectations:

+------+----------------+----------------+--------+----------------+
| Well | Top of | Gross | Net | Comments |
| No. | reservoir | hydrocarbon | oil | |
| | vertical depth | interval | pay | |
| | subsea metres | metres | metres | |
+------+----------------+----------------+--------+----------------+
| | | | | Interval is |
| 109 | 2,392 | 14.0 | 10.2 | completely |
| | | | | saturated with |
| | | | | oil. |
+------+----------------+----------------+--------+----------------+
| 110 | 2,395 | 13.0 | 8.9 | Interval is |
| | | | | completely |
| | | | | saturated with |
| | | | | oil, bottom |
| | | | | 2.7m appears |
| | | | | to be tight |
| | | | | reservoir. |
+------+----------------+----------------+--------+----------------+
| | | | | Interval is |
| 112 | 2,401 | 16.2 | 12.0 | completely |
| | | | | saturated with |
| | | | | oil. |
+------+----------------+----------------+--------+----------------+


The wells penetrated the top of the reservoir 5 to 8 metres higher than
prognosis. The field wide oil-down-to in the reservoir is at 2,430 metres true
vertical depth which is well below the oil-down-to in any of the production
wells drilled thus far. This relationship will help the future production
performance of the wells.
Production casing has been run in the wells and successfully cemented. The
drilling rig has been moved along its rails and the fourth well, No. 113, has
been spudded. A work-over rig has begun the process of perforating and
installing electrical submersible pumps in wells 109, 110 and 112. Well No. 111
will be the final well drilled in the 2010 programme as an operational decision
was made to re-order the drilling of wells.

Pipeline Construction
Construction of the 60km export pipeline from the Lineynoye field to the
Kiev-Eganskoye field is complete. The pressure and hydro testing of the pipeline
will commence later this month following which the pipeline will be ready to
receive first oil production on schedule in the third quarter of 2010.

Production Facilities
Construction of production facilities continues and is on schedule to be
completed for first oil production in the third quarter of 2010.

Arbuzovskaya Exploration Well
Rig-up operations for the Arbuzovskaya exploration well are over 80% complete
and drilling is scheduled to commence in October after the nine well production
drilling programme has been completed. This is the first of at least three
exploration/delineation wells to be drilled in the northern part of Licence 61
in 2010 and 2011. This programme has the potential to materially increase both
Group reserves and the long term production potential of Licence 61.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:

"The drilling of our production wells remains ahead of schedule and we are
delighted with the well results to date. Pipeline testing is due to commence in
the coming weeks and construction of production facilities continues at pace. We
look forward to achieving first production in the third quarter and our year-end
production target of 4,000 bopd"
curil

| |

PetroNeft Davy Research note
Price: 32p
First oil production will fund further
growth; raising valuation to 76p per
share
www.davy.ie
Bloomberg: DAVY
Research: +353 1 6148997
Institutional Equity Sales: +353 1 6792816 Davy Research
Rating: OUTPERFORM Issued 18/12/09
Previous: NEUTRAL Issued 30/06/09
James McCullough
james.mccullough@davy.ie / +353 1 6148921
Job Langbroek
job.langbroek@davy.ie / +353 1 6148914
Caren Crowley
caren.crowley@davy.ie / +353 1 6148923
Share Price Performance
0
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Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10
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Petroneft price (p) Price rel ISEQ Overall index (rhs)
Company data
Reuters/Bloomberg/Xetra PTR.L/PTR LN/P8ET
Sector Resource
Shares (m) 347.7
Daily No. Shares Traded (m) 0.977
Free Float (%) 84.9
52 Week High/Low 35.25/12.75
Capital Structure
Mkt. Cap (m) 111.3
Net Debt/(Cash) 0.0
Deferred consideration/debtrelated
N/A
Pref Shares/Non Eq Min N/A
Minority interests N/A
E.V. (m) N/A
Recent research and research resources
Recent research and financial data on Petroneft
Sector research and data on Resource
First production is imminent; cashflow will be reinvested
PetroNeft is on track to commence oil production
from its primary Russian licence in Q3 this year.
We expect production of over 8,000 barrels of oil per
day (bopd) in 2011, rising to over 18,000 bopd in
2014.
Free cash flow of $12m next year, increasing to over
$70m in 2014, will be reinvested in developing other
reserves, exploring existing targets and expanding the
portfolio.
Scale of exploration assets can provide significant value lift
On its main licence alone, PetroNeft has proven and
probable reserves of 71 million barrels of oil and
possible reserves of over 460 million barrels.
Exploration drilling will commence in October this
year and continue through next year, targeting up to
100 million barrels of the possible resource base.
PetroNeft's average finding cost per barrel over the
last four years is $0.65, while its enterprise value (EV)
per reserve barrel is $2.28.
Retaining our 'outperform' rating with a valuation of 76p
per share
Our risked net asset value for PetroNeft is 76p per
share based on a long-run oil price of $85 per barrel.
This implies upside of 138% from the current share
price.
The stock is currently trading at an EV to forecast
2011 EBITDA ratio of just 2.6 times.
First production is just the beginning; the real growth
phase, driven by exploration, starts now.


cyril

Another excellent RNS.
Pipeline testing complete, fourth production well successfully drilled



PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations.



Highlights:



Pipeline pressure testing successfully completed



Fourth production well successfully drilled



Construction of production facilities on schedule



Arbuzovskaya exploration well site preparations substantially complete.





Pipeline Construction

Hydro-static pressure testing of the pipeline has been completed on schedule. The 60 km pipeline was successfully tested to design pressure which is twice the normal operating pressure. The water used in the testing procedure will now be removed from the pipeline in preparation for the commencement of oil production.



Development Drilling

Drilling of the fourth of nine production wells at the Lineynoye oil field has now been completed ahead of schedule. Preliminary log and survey data indicate that this well has the highest quality reservoir and net pay characteristics encountered to date in the development programme.



Well No.
Top of reservoir vertical depth subsea metres
Gross hydrocarbon interval

metres
Net oil pay

metres
Comments



113


2,396


17.6


14.6
Interval is completely saturated with oil.






Production casing will now be run in well No. 113 and cemented. The drilling rig will then be moved along its rails and drilling of the fifth well, No. 114, will commence shortly. A work-over rig is continuing the process of perforating and installing electrical submersible pumps in wells 109, 110, 112 and 113.








Production Facilities

Construction of production facilities continues and is on schedule to be completed for first oil production in the third quarter of 2010.



Arbuzovskaya Exploration Well

Rig-up operations for the Arbuzovskaya exploration well are substantially complete and drilling is scheduled to commence in October after the nine well production drilling programme has been completed. This is the first of at least three exploration/delineation wells to be drilled in the northern part of Licence 61 in 2010 and 2011. This programme has the potential to materially increase both Group reserves and the long term production potential of Licence 61.



Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:



"Successful completion of pipeline testing is another major milestone and construction of production facilities remains on schedule. We are very encouraged by the result of the latest production well which is the best drilled so far and look forward to achieving first production in the third quarter and our year-end production target of 4,000 bopd"

cyril

Excellent steady climb, with first oil production coming soon....

Tipped this the other day on GKP,up 10%and hoping for more with first oil expected nwxt week? Just need the volume to pick up and pop goes the wheasel.
cyril

Great news,like a sister IEC,perhaps 50p today?
cyril


PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations at Licence 61.



Highlights:



Fifth and sixth production wells successfully drilled



Wells have encountered some of the thickest net pay to date



Year-round production expected to commence in August 2010



Arbuzovskaya exploration rig-up complete.





Development Drilling

Drilling of the fifth and sixth of the planned nine production wells at the Lineynoye oil field has now been completed ahead of schedule. Preliminary log and survey data indicate that these wells have encountered some of the thickest net pay to date in the development programme. The top of the reservoir interval is from 8 to 10 metres higher than prognosis which will benefit future reservoir stimulation and recovery of reserves.



Well No.
Top of reservoir vertical depth subsea metres
Gross hydrocarbon interval

metres
Net oil pay

metres
Comments



114


2,397


20.8


15.8
Interval is completely saturated with oil.



115


2,387


18.0


14.0
Interval is completely saturated with oil.




Production casing will now be run in well No. 115 and cemented. The drilling rig will then be moved along its rails and drilling of the seventh well, No. 116, will commence shortly thereafter. A work-over rig is continuing the process of perforating and installing electrical submersible pumps in wells 109, 110 and 112 to 115.



Production Facilities

Construction of production facilities is almost complete and, based on the current rate of progress, is on schedule to allow first oil production to commence in late August 2010.



Arbuzovskaya Exploration Well

Rig-up operations for the Arbuzovskaya exploration well are complete and drilling is scheduled to commence in October 2010 after the nine well production drilling programme has been completed. This is the first of at least three exploration/delineation wells to be drilled in the northern part of Licence 61 in 2010 and 2011. This programme has the potential to materially increase both Company reserves and the long term production potential of Licence 61.



Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:



"Drilling of the production wells is continuing ahead of schedule and the results continue to be within or ahead of expectations. We are only weeks away from commencing year-round production and I look forward to updating shareholders in late August confirming we have met this target."

Been in for years.....right through the bad times and now this is perking up big time....

RF good on you, looked long and hard start of the year,ended up low 30's.
cyril

great news today, could PTR become the next DGO?

Perhaps not as big as Dragon Oil but with a hefty income from oil production...4000 barrels plus, I reckon the sp could touch the pound level by the end of the year...plus exploration upside...great little oil company to tuck away....

rf today's RNS suggests production will exceed 4000 bopd with plenty more to come.