PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 has provided the following update.
· Miller and Lents have been awarded the contract to independently audit the company’s reserves/resource.
· New reserve/resource report due to be published before the end of Q3.
Following the recent successful operations on both our licences, combined with the improved knowledge of the assets’ geology and potential gained over the last two years, the Company is pleased to announce that Miller and Lents (M&L) have been awarded the contract to carry out an independent reserves and resource audit of the Company’s assets. The audit will be performed in accordance with the standards of the Petroleum Resource Management System (PRMS) which was prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE).
M&L have over 25 years of extensive experience working in Russia on evaluating assets for a variety of International and Russian companies operating within the West Siberian Basin, and have particular knowledge and experience of oil and gas assets in the Tomsk oblast.
The project is expected to be completed before the end of Q3, at which time the Company will provide an update of the results.
The last reserves/resource audit was completed by Ryder Scott in 2016.
David Sturt, Chief Executive Officer of PetroNeft Resources plc, commented
“Our work programme over the last two years has been focused on building our understanding of the licences, delivering improvements in performance from existing operations and low cost exploration/appraisal which would unlock value. We believe that this has been successful. Undertaking a new reserve / resource audit will help us further understand our licences and how we can move them forward. I look forward to updating shareholders”.