PetroNeft Resources’ (LON:PTR) 2P reserves have jumped 36.8 percent to 96.9 million barrels, while the Russia operating group has agreed to a new loan facility that could provide it with US$75 million.
Reserve auditor Ryder Scott has completed their assessment of the group’s petroleum reserves and resources.
The principal changes from the previous year’s report were due to the addition of proved and probable reserves at the Arbuzovskoye oil field which was discovered in November 2010 and their first assessment of the reserves and resources at Licence 67, acquired by PetroNeft in January 2010.
The proved and probable (2P) reserves at license 61 stand at 82.9 million barrels and the 2P reserves at license 67 amount to 14.02 million barrels.
PetroNeft also reported that the hydraulic fracturing programme at license 61 is nearing completion, while an exploration programme will get started in April.
The company anticipates a steady pipeline of new discoveries and developments including that from the 2011 five well exploration programme.
“The Ryder Scott reserve reports reinforce the exploration and acquisition successes of 2010 by recognising material new commercial reserves at Arbuzovskoye and Ledovoye.
“We are very pleased to add quality reserves with demonstrated flow rates which will form an important element of our future development and production growth plans,” said chief executive of PetroNeft Dennis Francis.
The loan agreement with Macquarie Bank follows the successful commencement of production from Licence 61 and provides the company with a longer term, scalable borrowing base facility with increased flexibility at lower cost.
The initial available amount will be US$30 million with potential to increase to US$75 million through the addition of new discoveries and developments subject to credit approval.