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Last €0.06 EUR
Change Today -0.001 / -1.64%
Volume 271.8K
PTR On Other Exchanges
As of 12:10 PM 07/1/15 All times are local (Market data is delayed by at least 15 minutes).

petroneft resources plc (PTR) Snapshot

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petroneft resources plc (PTR) Details

PetroNeft Resources plc, together with its subsidiaries, is engaged in the exploration, development, and production of oil and gas properties in the Russian Federation. The company primarily holds a 100% interest in License 61 that consists of 7 oil fields, and 25 prospects and leads that cover an area of 4,991 square kilometers in the Tomsk Oblast; and a 50% operating interest in License 67, which comprises 2 producing oil fields and various prospects covering an area of 2,447 square kilometers in the Tomsk Oblast. PetroNeft Resources plc was founded in 2003 and is based in Dublin, Ireland.

Founded in 2003

petroneft resources plc (PTR) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: $393.3K
Chief Financial Officer and Executive Directo...
Total Annual Compensation: $321.7K
Vice President, General Legal Counsel, Compan...
Total Annual Compensation: $294.3K
Compensation as of Fiscal Year 2013.

petroneft resources plc (PTR) Key Developments

Petroneft Resources Plc Announces Consolidated Earnings Results for the Year Ended December 31, 2014

PetroNeft Resources plc announced consolidated earnings results for the year ended December 31, 2014. For the year, the company reported revenue from continuing operations of USD 19,165,456 against USD 38,687,123 a year ago. Operating loss was USD 2,147,161 against USD 7,894,547 a year ago. Loss for the year for continuing operations before taxation was USD 8,376,425 against USD 11,495,885 a year ago. Loss for the year attributable to equity holders of the parent was USD 8,784,385 or 1.27 cents per basic and diluted share against USD 9,158,726 or 1.42 cents per basic and diluted share a year ago. Net cash flows used in operating activities was USD 3,437,779 against net cash flows received from operating activities of USD 8,879,156 a year ago. Purchase of oil and gas properties was USD 200,669 against USD 4,866,256 a year ago. Purchase of property, plant and equipment was USD 144,137 against USD 83,286 a year ago.

PetroNeft Provides an Update on Operations at Licence 61

PetroNeft provided an update on operations at Licence 61. Sibkrayevskoye: Sibkrayevskoye No. 373 appraisal well flows 100 bopd (stabilised, unstimulated natural flow) and confirms 11.5 m net oil pay. Flow rates with a pump would be considerably higher; Acquisition of 1,000 km of high quality 2D seismic completed. Tungolskoye: Tungolskoye pipeline and utility line to Lineynoye have been completed and are currently being commissioned; Tungolskoye T-51B vertical production and control well spudded. Other fields: Arbuzovskoye Pad 1 drilling programme successfully completed; L-10 horizontal well spudded on the West Lineynoye L-8 structural lobe. Production: Current production about 1,950 bopd. Sibkrayevskoye. The Sibkrayevskoye No. 373 appraisal well has been successfully drilled and tested. The well was designed as a follow-up to the S-372 discovery well, which was drilled in 2011, to further delineate the Sibkrayevskoye oil field. Log and core data over the primary J1 sandstone reservoir interval indicate 11.5 m of net oil pay. A cased-hole drill stem test of the interval -2,329 to -2,346 m tvd flowed at a stabilised rate of 100 bopd on a 4 mm choke (unstimulated natural flow). Flow rates with an Electrical Submersible Pump would be considerably higher. The reservoir interval is completely saturated with oil to its base and is located about 19 m structurally higher than the equivalent oil saturated interval in the S-372 well, which is also oil saturated throughout. Prior to the S-373 well Ryder Scott estimated the 2P reserves at over 50 million bbls, making this the large oil field discovered on License Block 61 to-date. Additional seismic data has also been acquired over the structure this past winter as part of a 1,000 km 2D seismic acquisition programme in the northern part of Licence 61. A development decision is expected in Third Quarter 2015 with a view to the field being brought into production in 2016 utilising a combination of horizontal and vertical wells. A reserve update will be prepared at the end of the year incorporating the new seismic and well data. Tungolskoye Development: The construction of the 25 km pipeline and utility line to connect the Tungolskoye field back to the Lineynoye Central Processing Facility ("CPF") has been completed ahead of schedule and are currently being commissioned. The pipeline is currently being filled with oil from the T-5 well. The Tungolskoye T-51B well has been spudded. This well is designed as a vertical producer and stratigraphic control well in the south western part of the field. The results from this well will be incorporated into the reservoir model to design the well paths for two subsequent horizontal wells in this portion of the field. In all, it is anticipated there will be 5-6 horizontal and 5-6 vertical wells drilled as part of the Tungolskoye development. Arbuzovskoye: The Arbuzovskoye Pad 1 drilling campaign has been successfully completed. The drilling has confirmed oil in the southern lobe of the structure and the oil-down-to has been extended to the spill point of the structure. Additional seismic has also been acquired on the field this winter as part of the 1,000 km seismic acquisition programme. They are planning to develop the southern lobe of the structure in 2016 with a combination of vertical and horizontal wells which could be quickly tied-in to existing facilities to enhance production. Given the uniformity of the J1-1 sandstone and good flow rates in the vertical wells at Arbuzovskoye, the company expects very good results by developing the southern lobe with horizontal wells in the J1-1 reservoir. West Lineynoye: The L-10 horizontal well has been spudded. This well is designed as an initial vertical pilot to test the J1-1 and J1-2 reservoir intervals to the east of the L-8 well followed by a 300 m horizontal segment in the J1-1 interval. The well will intercept the J1-1 reservoir about 30 m higher on the structure to the L-8 exploration well which is currently producing 50 bopd from a vertical section of the J1-1 sandstone. The well will be drilled from a surface location near the L-8 well and can immediately be tied-into the Lineynoye CPF utilising the existing L-8 infrastructure.

Petroneft Resources Plc Provides an Update on Operations at Licence 61

Petroneft Resources Plc provided an update on operations at Licence 61. The horizontal segment of the Tungolskoye No. 5 well has been drilled and completed in the J1-1 and J1-2 Upper Jurassic intervals. The total horizontal segment was just over 350 metres of which over 80% was located in the productive J1-1 and J1-2 reservoirs at depths between -2,502 m and -2,517 m TVD. The well is still cleaning up and current production is 604 bopd using an Electric Submersible Pump (ESP). The oil is currently being trucked 25 km to the Lineynoye central processing facility. The Arbuzovskoye 103 well has been completed and brought into production at an initial rate of 125 bopd. The well was drilled as the maximum reach step out to the south to better define the oil water contact and productivity. The well encountered 5.0 m of oil saturated pay in the J1-1 Upper Jurassic interval at a depth of -2,460 m TVD and confirms oil in the southern lobe of the Arbuzovskoye field. Current plans are to develop the southern portion of the field with a combination of horizontal and vertical wells commencing in 2016. The Arbuzovskoye 104 well has now been drilled in the northern part of the field adjacent to the A-106 well. The logs indicate that the well has 5.4 m of net oil pay in the J1-1 Upper Jurassic interval at a depth of -2,467 m TVD and looks similar to the adjacent A-106 well which is currently producing about 175 bopd. The company is currently completing the A-104 well and anticipate bringing it on production within a week. The Arbuzovskoye 107 was spudded on 1 February 2015 and is expected to take approximately four weeks to drill. It is located north-west of the A-103 well. The drilling rig for the Sibkrayevskoye No. 373 well is currently being erected. It is expected that drilling will commence later this month. Work is well underway on the programme to acquire 1,000 km of high quality 2D seismic data across the Sibkrayevskoye oil field and other fields and prospects in the northern portion of Licence 61.


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