PetroNeft Resources , moved higher this morning after the company released an updated reserves audit. Net proved and probable 2P oil reserves increased by 81% to 60.6 million barrels, while proved plus probable plus possible (3P) reserves stood at 350.1 million barrels. The audit included 3 oil fields and 26 prospects. Petroneft added that its Russian Registered reserves on Licence 61 were also being updated and should be finished by March.
On the exploration front, Petroneft confirmed that its first well in the new drilling season would be on the Korchegskaya Prospect were a drill rig is being assembled in preparation for drilling in March. Another truck mounted work-over rig has also been contracted by Petroneft, and will continue testing of the Tungolskoye #4 well in March too.
Dennis Francis, CEO, commented:
"This reserves increase shows the major progress that we have made in appraising Licence 61 this past year. Management has successfully made good on its IPO promise: to monetise and add to the value of the portfolio by increasing booked reserves, discovering new reservoirs and moving towards production as soon as possible."