Petroneft (PTR.L, PTR LN)
Petroneft is an oil and gas exploration and production company. Its area of activity is in the Tomsk Oblast located in Western Siberia, Russia. Its business model is to build a portfolio of oil and gas properties in Russia through its platform of local knowledge. Targets and prospects are then drilled and put on production if successful. It has a 100% interest in Licence 61 and a 50% interest in Licence 67. Both licences contain a number of former discoveries with two fields currently in production. The target is to grow production by developing a number of other discoveries. The first of these will be the Tungolskoye Field. In mid-2010, production started from the Lineynoye Field (Block 61) followed by production from the Arbuzovskoye Field in late 2012. Production is by way of pipeline 60km to the south west. Cumulative proven and probable reserves now stand at over 117m barrels of oil. This does not include the potential in different horizons in Block 61 or the several discoveries on Block 67. Exploration and appraisal continue in tandem with the development programmes.