PetroNeft Resources plc provided a highly positive update on its operational activities.
There was a new oil discovery from successful drilling on Korchegskaya and also a successful delineation well on West Lineynoye. There was a board decision to sanction the development of the Lineynoye and West Lineynoye oil fields and a phased plan of development for production on Licence 61 commencing with the northern oil fields. There is a commercial production of 3,000 to 5,000 bopd targeted for end 2009 and a recent cretaceous discovery on Block 80 by Imperial Energy where a highly positive structure appears to extend into PetroNeft licence. Drilling planned this winter. There is an ongoing exploration and delineation drilling through 2009 and a Commitment to a broadening portfolio, which is constantly evaluating potential acquisitions. There are also ongoing corporate developments by building a team to manage a considerably expanded exploration, development and production company.
"Our operational activities over the last three years have significantly enhanced the reserves, future potential and value of Licence 61 and I believe we can be very proud of our achievements to date." Dennis Francis, Chief Executive Officer of PetroNeft Resources said, "This success has directly led to the first phase of field development, designed to turn PetroNeft into a commercially producing E&P Company by the end of 2009. This is a significant milestone for both the management and shareholders of the Company."
"We also remain focused on building further value through exploration of current targets and evaluating potential acquisitions. We are excited by the opportunity provided by the recent Cretaceous discovery in the adjacent block 80. We believe that the structure extends into our licence area and we have defined a dual objective, Cretaceous and Upper Jurassic, prospect for drilling in 2009," Francis stated.
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