Company Information for Petroneft Resources Plc

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Company Statement

PetroNeft Resources plc is an international oil and gas exploration and production company, established in 2005 to acquire and develop hydrocarbon acreage in Russia. All of the Ordinary Shares in the Company are quoted on the AIM and are also quoted on the Irish Enterprise Exchange (IEX) of the Irish Stock Exchange.

The Group’s core asset is a 100 per cent interest in an exploration and production licence (Licence 61), covering 4991 sq. kms in the Tomsk Region of Western Siberia, containing two proven oil fields, Lineynoye and Tungolskoye, and some 25 additional prospects and potential prospects, which have already been identified by seismic surveys.

Ryder Scott Company, the independent petroleum consultants, estimate the reserves in various categories on the licence as follows;

Lineynoye and Tungolskoye oil fields;

• Proved and Probable (P1 +P2) 33.5 million barrels
• Possible (P3) 37.1 million barrels
• Total (P1+P2+P3) 70.6 million barrels

25 Prospects and Potential Prospects;

• Possible (P3) 253 million barrels
• Exploration Resource (P4) 100 million barrels
• Total (P3+P4) 353 million barrels

The Group’s activities are focused on the development of this core area through planned early production of its existing Proved and Probable reserves and the determination of its full upside reserve potential on established targets. Contracts for three wells are in place, commencing in January 2007. A full production feasibility study is underway.

500 line kms of seismic are planned, commencing November 2006.

The Group’s senior management team has substantial experience and knowledge of acquiring, exploring and developing hydrocarbon assets and in particular of domestic Russian acquisition, exploration, development, production and marketing requirements.

Company Address 1 Wainsfort Drive, Terenure Dublin 6W, Ireland Telephone: + 353 1 4433720 Website: http://www.petroneft.com

Nominated Brokers J&E Davy Canaccord Adams Ltd

Nominated Advisors J&E Davy

Related News

31/05/10 - PetroNeft Resources Reaffirms It Is On Track To Meet Its Exit 2010 Target of 4000 Bopd From Its Siberian Acreage
25/03/10 - PetroNeft Resources Gets Busy Drilling At Lineynoye As It Pushes For First Oil In Q3
04/02/10 - PetroNeft Resources Says It Is On Course For Output Of 4,000 Bopd By Year End 2010 From Its Development Projects In Russia
24/09/09 - PetroNeft Resources Raises US$27.5 Million To Meet Winter Deadline For Lineynoye Pipeline Construction

Most Recent Statement

29/07/10 - Operations Update
23/06/10 - Operations Update
08/06/10 - Positive result from first three production wells
28/05/10 - Loan Facility
20/05/10 - Final Results
15/04/10 - Operations Update