I nominate Petroneft Resources Plc (PTR) another oil coy and one i understand Zengas is very keen on. It went to a high recen high of 54p before profitaking reduced it to 42p and is now consolidating at 48p. There is a lot of positive drilling news expected from January onwards in the 1st quarter.
The latest post from Zengas on PTR is as follows:-
ZENGAS - 22 Dec'06 - 10:16 - 799 of 800
Merry Christmas everyone.
1st Lineynoye well due to spud 1st January.
This is being completed by the large rig which will be moved off site and transported (to make it in time time weather etc) to drill the West Lineynoye prospect. A smaller rig will do the completion on Lineynoye No1.
Lineynoye was drilled in the eastern part of the structure - 264 bopd.
Tungolskoye flow rate was 332 bopd.
The large rig will drill and complete West Lineynoye.
Tungolskoye spuds in February by a 2nd large rig.
The net pay zones and flow rates in Tungolskoye and Lineynoye were identified on previous drilling.
The West Lineynoye 67mbo prospect tested oil from 2.3m of net pay.
All 3 structures have confirmed oil without question - ie Lineynoye, Tungolskoye & West Lineynoye.
There is a raft of structures still to drill later on. Possible recoverable - 423 mbo+ with updated seismic still to come through.
Petroneft Resources Plc, an international oil and gas exploration and production company developing hydrocarbon acreage in Tomsk Oblast, Western Siberia, is pleased to announce its admission to the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange The Company has raised gross proceeds of €12.2 million (US$15.5 million) by placing 41,480,174 new ordinary shares at a placing price of €0.295 (£19.8p) per ordinary share, indicating a market capitalisation for the Company of approximately €52.1 million (£35 million). Davy is acting as nominated adviser, IEX adviser and broker to Petroneft.
Petroneft Resources plc was established for the purpose of acquiring and developing hydrocarbon acreage in Western Siberia. The Group’s principal asset is a 100 per cent interest in Licence 61, an exploration and production licence located in the Tomsk Oblast of Western Siberia. The Licence was acquired by the Group in 2005 and covers a geographical area of 4,991 km2 in the eastern section of the prolific West Siberian Oil & Gas Basin in Russia. The Licence is valid until 2030 and may be extended based on an approved development plan.
Licence 61 is a Core Area which contains two proven oil fields, referred to as Lineynoye and Tungolskoye and, in addition, has upside reserve potential contained in 25 additional prospects and potential prospects identified by seismic surveys. The Group’s work programmes and activities are focused on the development of this core area through the determination of its full upside reserve potential and the timely monetisation of its existing Proved and Probable reserves, currently estimated at 33.5 million barrels of oil.
Ryder Scott Petroleum Consultants estimates a total reservs level of (P1+P2+P3+P4) of 424m barrels of oil in its competent persons report: illustrating the considerable potential of Licence 61.
