25 May 2012

PetroNeft hails new oil field

21/09/2011 Robert Tyerman

Russia-focused PetroNeft Resources (PTR) says it has found 'another new oil field' at North Varyakhskaya in the Tomsk Oblast region. The Dublin-based company reports that this well, the seventh so far found in its Licence 61 area in the Lineynoye oil field, has confirmed 2.2 metres of net oil pay, with 'good quality oil - 36 degree AP1'.

AIM-quoted PetroNeft, which has also announced a maiden pre-tax profit of $3.8 million (£2.35 million) for the six months to June against a previous $5 million interim loss, says development drilling continues to push Lineynoye's boundaries further to the north.

Chief executive officer Dennis Francis concedes the new North Varyakhskaya find is small in comparison with the company's recent discovery at Sibkrayevskaya in the north-east of Licence 61, but argues it is important because 'it can easily be tied into already planned infrastructure at minimal cost and will also qualify for a reduced Mineral extraction Tax.'

PetroNeft, which raised £27 million at 43p last October and has more recently agreed an 'improved debt facility' of $75 million with Australia's Macquarie Bank, produced nearly 400,000 barrels of oil in the first half year. The company says its Sibkrayevskaya discovery has the potential to increase its reserves by at least 50 per cent.

Floated on AIM at 19.8p in 2006, PetroNeft shares have fallen over the past year from 73.5p to below 30p. Now 28.5p, up 0.38p this morning, they value the company at £116.2 million and offer speculative recovery potential.

Tags: AIM market, Dennis Francis, Lineynoye field, Macquarie Bank, Russian oil, Tomsk Oblast

Sector: Oil & Gas Producers

Companies: Petroneft Resources

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