PTR.L Share News (PTR)

(Sharecast News) - Russia-focussed oil and gas exploration and production company PetroNeft, which is the 50% owner and operator of licences 61 and 67, announced on Friday that a contract had been awarded and construction started on a mini oil processing facility at licence 61, with completion due in 2020.
The AIM-traded firm also said operations had begun on licence 67, with construction of a winter road linking the C-4 and C-3 wells to the road, and a contract awarded for a workover rig for the C-4 well, which would start in January.

It also said Maxim Korobov had decided to resign from the board.

Pavel Tetyakov, the company's vice-president of business development, and Daria Shaftelskaya, were joining the board with immediate effect.

"Following on from our recent capital raise, I am very pleased that we have been able to accelerate our operational plans on both licence 61 and 67," said chief executive officer David Sturt.

"2020 is going to be an exciting year for the company as we move forward with plans to start producing oil from licence 67 at the same time as focusing on an investment plan on licence 61 which improves operating costs and increasing production without the need to deploy any drilling capital."

Sturt said he was also "delighted" that the board had been further strengthened with the appointments of Shaftelskaya and Tetyakov.

"I have successfully worked with Pavel on several projects including building a successful exploration and appraisal program at PetroKazakhstan and building from scratch what became Exillon Energy.

"Daria will bring additional financial expertise and exceptional local knowledge of operating in the Tomsk region."

Chairman David Golder added that he was "pleased" to welcome the pair to the board.

"Their significant experience and knowledge of the Russian oil Industry will considerably expand the knowledge of the board.

"I would also like to take this opportunity of thanking Maxim for his considerable effort over the last four years and his continued support for the business."

At 1022 GMT, shares in PetroNeft Resources were down 0.24% at 1.22p.