PetroNeft, an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31st December 2019.
Highlights
- Significant technical, operational and financial progress in 2019 driven by new leadership team and stronger local input.
- Gross 2019 production 1,614bopd (1,955bopd 2018), rising to 1,727bopd in August 2020. Focused well management, monitoring and intervention program steadily improved overall field performance at Lineynoye.
- Increased potential of License 67 beginning to emerge due to increased focus and careful re-interpretation of data
- Successful Convertible debt and post year end equity issues with strong shareholder and director support.
- Loss for the year $6.4M (2019) reduced from $7.56M (2018).
- Reduction in costs at all levels; corporate costs reduced by 47%, from $1.512M (2018) to $0.807M (2019).
- Due to the COVID-19 pandemic, the Company intends to publish its half year report for the six months ended 30 June 2020 by 31st October 2020.
David Sturt, Chief Executive Officer of PetroNeft Resources plc, commented
'2019 was an important year for the company as we laid the foundations for future growth by improving our understanding of our assets, reducing costs at all levels and identifying low risk low capital opportunities such as the mini refinery at Linenoye, Sibkrayevskoye pipeline and transformation of Licence 67 to a production asset.
Moving into 2020, like many other companies we are facing challenges arising from oil market volatility and COVID, however due to the steps taken in 2019 combined with the dedication of our staff and support of our stakeholders we are well placed to continue to develop the company and reestablish the true value of the assets."
