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PetroNeft Resources plc provide operations update

Tuesday, Dec 18, 2012

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.

Licence 61 - Arbuzovskoye Pilot Development Programme

Arbuzovskoye well 111, the fourth of ten planned new production wells on the Arbuzovskoye oil field, has been successfully completed and brought into production at an initial rate of 150 bopd with no visible water cut.

Arbuzovskoye well 112, the next well in the drilling sequence, is currently drilling ahead. This well is located on the eastern side of the field where, to date, we have experienced higher flow rates. Overall, the average production rate for the first four wells in the programme continues to exceed initial targets.

Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according to independent reserve auditors Ryder Scott and is the Company's second production development.

Licence 61 - Production

Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields is currently 2,800 bopd up from 2,500 bopd in late November. The rate is reduced due to 3 wells at the Lineynoye oil field being currently off-line while remedial work is carried out on the down-hole pumps. The Company had expected these wells to be back online before the year end however the weather conditions at the field continue to be extremely cold (as low as -47 degrees C) which has slowed the workover and completion process. They are expected to be back online by mid-January 2013.

Source: PetroNeft Resources plc

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