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PetroNeftPetroNeftPetroNeftPN ConfidentialConfidentialConfidentialConfidential
PetroNeft Resources plc Licence 61
Tomsk Oblast, Russian Federation
PetroNeft Resources plc Licence 61
Tomsk Oblast, Russian FederationTomsk Oblast, Russian Federation Analyst Field Visit
September 20-21, 2010
Tomsk Oblast, Russian Federation Analyst Field Visit
September 20-21, 2010
1
PetroNeftPetroNeftPetroNeftPN Regional Location Map
BarentsSea Urengoy Gas Field
350 TCF
West Siberian Oil & Gas BasinDiscovered Reserves144 billion bbls of oil
1,300 TCF gas
350 TCForiginal reserves
Samotlor Oil Field
West Siberia Oil & Gas BasinWest Siberia Oil & Gas BasinWest Siberia Oil & Gas BasinWest Siberia Oil & Gas Basin Licence 61 (Ryder Scott Evaluation)Proved and Probable reserves 70 million bblsPossible reserves 460 million bbls
East Siberia BasinEast Siberia BasinEast Siberia BasinEast Siberia Basin
27 Billion Bbls original reserves
Exploration resources 75 million bbls
TimanTiman PechoraPechoraTimanTiman PechoraPechora
TurgayTurgayTurgayTurgayLicence 67 (Russian State Reserve Committee)
Volga UralVolga UralVolga UralVolga Ural
0 1,000Gas Pipeline
TurgayTurgayTurgayTurgay
G Fi ld
C3 (Possible) reserves 55 million bbls
North Caspian BasinNorth Caspian BasinNorth Caspian BasinNorth Caspian Basin
2
PN LicencesKilometers
Gas PipelineOil Pipeline
Source – USGS
Gas FieldsOil Fields
PetroNeftPetroNeftPetroNeftPN Tomsk Oblast
PetroNeftPetroNeft67676767
Chazhemto
Tomsk Oblast Very Active Region
3
Tomsk Oblast Very Active RegionRosneft, Imperial Energy, TNK-BP, Gazprom, Gazpromneft, local companies
PetroNeftPetroNeftPetroNeftPN
Raskino,
TN
Ob
Raskino
Ust-
K
b River, Тyм
30 тVa
Ка Li
West K
orch e
Korch K-Tym
ievsky
Brid
28 к
32 км
т
Novougino,
asugan River35
Tyms
ra
60 км
20 км
100 км
7км №
Tym
neynoye№
8
egskaya№
1
hegskaya №123 км
8 км
2
60км
Khanty-M
Каrgasok
dge Тungolskoye№
№6
Izba
28 км
22 км
кмт sk м №7
To To(Tom
sk-Karga
m R
iver
Negotka R
i
м
8 км
22 км
Mansiyisk A№
4
omsk
asok450 км
)
iver Port Tom
Autonom
Kiev Egans
LegendLicence 61 B
oYear-round RW
inter Road
Paved Road
Planned Pipe
sk Region
mous R
egi
koye oil field
4order
Road
eline Route
n on
PetroNeftPetroNeftPetroNeftPN Major Activities
Licence 61 Major ActivitiesAcquired via 2004 State Auction:• 4,991 square kilometers
• 14 prior wells drilled in the Soviet era RiverRiver• 14 prior wells drilled in the Soviet era
• 2,654 kms of vintage 2D seismic data
• 2 discovered fields at Lineynoye and Tungolskoye
Since acquisiton, PetroNeft has:R d 2 654 k f i t 2D i i d t
Lineynoye
Korchegskya
kaya River
Nazinskaya River
Lineynoye
Korchegskya
kaya River
Nazinskaya River
• Reprocessed 2,654 kms of vintage 2D seismic data
• Reprocessed 14 Soviet era wells
• Acquired 1,055 line kms of new 2D seismic data
• Drilled 3 Delineation and 3 Exploration wells
Tungolskoye
Vartovskoye
Malaya Vartovska
Tungolskoye
Vartovskoye
Malaya Vartovska
• New fields at West Lineynoye & Kondrashevskoye
• Over 25 identified Prospects
• RS Reserves – 70 million bbls 2P
• Russian GKZ Reserves – C1+C2 – 95 million bbls
Kiev-Eganskoye
Vartovskoye
License 61
Kiev-Eganskoye
Vartovskoye
License 61License 61
• Board Sanctioned Lineynoye Phase 1 Project – June 2008
• Raised $27.5 million for Phase 1 Project – Sept 2009
• Commenced production drilling operations – March 2010
• Signed $30 million Macquarie Bank Facility – May 2010
Seismic 05/06
Seismic 06/07
Wells Planned 2008
Wells Existing
Kievsky Yegan River
Vintage Seismic
Seismic 05/06
Seismic 06/07
Wells Planned 2008
Wells Existing
Seismic 05/06
Seismic 06/07
Wells Planned 2008
Wells Existing
Kievsky Yegan River
Vintage Seismic
Wells Drilled 2008
5
Signed $30 million Macquarie Bank Facility May 2010
• Completed pipeline construction – July 2010
• Commenced year round production – August 2010 Kievsky Negotka
Year-round Road
Winter Road0 25
kilometers
Vintage Seismic
Kievsky Negotka
Year-round Road
Winter Road
Year-round Road
Winter Road0 25
kilometers
0 25
kilometers
Vintage Seismic
PetroNeftPetroNeftPetroNeftPN Licence 61 (Tungolsky)
Oil Fields / Prospects / Potential Prospects9
10
21 20Map ref. Field/Prospect Horizon(s)
Oil fields 1 Lineynoye Oil Field UJ
Lineynoye Oil Field
West Lineynoye Oil Field
Sibkrayevskaya Prospect
31 8
6
22
1211 7
234
5
Oil fields 1 Lineynoye Oil Field UJ2 Tungolskoye Oil Field UJ3 West Lineynoye Oil Field UJ5 Kondrashevskoye Oil Field UJ
Prospects 2 Tungolskoye West Lobe and North (2) UJ4 Lineynoye Lower UJ Kondrashevskoye
Arbuzovskaya Prospect
2
1319
North Sea
Block
y y6 West Korchegskaya LJ7 Arbuzovskaya (Varyakhskaya) UJ8 Arbuzovskaya North & Upper (2) UJ9 Emtorskaya UJ
10 Emtorskaya Crown UJ11 Sigayevskaya UJ
Tungolskoye Oil Field
Kondrashevskoye Oil Field
14
16
1518
Block12 Sigayevskaya East UJ13 Kulikovskaya Group (2) UJ14 Kusinskiy Group (2) C, UJ, LJ15 Tuganskaya Group (3) C, UJ, LJ16 Kirillovskaya (4) C, UJ, LJ17 North Balkinskaya UJ, LJ
16
17 Kiev
18 Traverskaya C, UJ, LJ19 Tungolskoye East UJ20 Sibkrayevskaya Crown & North UJ
Potential Prospects (Leads)
21 Emtorskaya North UJ22 Sibkrayevskaya East UJ23 S b h UJ
6
24 Eganskoye Oil Field
(Leads) 23 Sobachya UJ24 West Balkinskaya UJ
Horizons Key:Cretaceous CUpper Jurassic UJMiddle/Lower Jurassic LJ
PetroNeftPetroNeftPetroNeftPN Lineynoye Oil Field Development Area
L-3L-5
L-1
L-7L- 8 Lineynoye Arbuzovskaya West Lineynoye
Planned 2012L-6
L-4 L-2
Kondrashevskoye
Planned 2010Planned 2012
LegendOil Fi ld
Kondrashevskoye Planned 2011
Oil FieldProspect Ready for DrillingProspectPotential Prospect
K-1
7
ProspectPrior WellsPetroNeft WellsCI = 10 metersStructure Map on Base Bazhenov Horizon
meters
feet
PetroNeftPetroNeftPetroNeftPN Vasyugan Suite Correlation in Lineynoye Field
L-5 L-1 L-6 L-2
8
PetroNeftPetroNeftPetroNeftPN Lineynoye Field Development Schematic
Oil-Water-Contact from L-5 -2417
Pad 2
1
4
6
789
5
Central Processing
L- 1
Pad 2
113
116
115114
34
28
7
6
Processing Facility
L- 6Pad 3 110
112
113
111117
Pad 1
65
43
2 1
Slant Hole
Camp
Oil-Down-To from L-6 -2430
1092
9
0 1 2 3 4 kms
Structure Map at Top Reservoir showing area where Main Oil Sandstone is underlain by Shale
PetroNeftPetroNeftPetroNeftPN Vasyugan Fm. Correlation in Lineynoye Field
J11
J11 J1
1
Bazhenov Fm.
Georgievskaya Fm.
20 m J1
2
J12
J12
J12
J12
Vasyugan Fm.
10
PetroNeftPetroNeftPetroNeftPN Pad Design Lineynoye Field
DATE SHEET
item number
1 Ad. Water block 1
2 Water tank 1
300
2013
3 Boiler 1
4 Oil tank site 1
5 Pipe stalls 10
6 Drawworks unit 1
7 Tank park 1
8 Pump block 1
1840 2 4 10 15
21
211
8
35
135
4
18
8 Pump block 1
9 Compressor block 1
10 Power generation train 1
11 Crew camp 1
12 Flare site 1
13 Pad bund 1
12
10 15
15
18
7 8 9 10
6
3
2
200
39
13
29
14 Cement site 1
15 Water well 1
16 Energy Complex 1
17 Plank foundation 1
18 Mud pit 1
19 Main entrance road 1
17
15
40
R 55
5 15 5155 55 15
19 Main entrance road 1
20Fire dangerous area
contour 1
21 Fire extinction basin 1
22 Boiler pit 1
23 Fuel Storage
6011
60 19 5 2523
1640
R 5514
8
8
11
PetroNeftPetroNeftPetroNeftPN Well Design
0100200300
500 1000 1500Vertical section
Angle build
D e v i a t I o n, m
R=382 m (i=1,5° per 10 m)
300400500600700800900
Conductor shoe Ø 245 mm, 800 m
90010001100120013001400
Angle hold section
D e
p t
h,
m
150016001700180019002000
24°
V e
r t
I c a
l
1800 m
210022002300240025002600
Angle decrease section
Production string shoe Ø 168 mm, 2650 Pump set up section
12Source SNIIGGMS
PetroNeftPetroNeftPetroNeftPN Well Design
0
Casing/hole size Cement Type Mud Type
Conductor Ø 324 mm
Bentonite
Cement, density 1.83
Clay mud, density 1.18
500 Surface casing Ø 245 mm
cement, density 1.48up to surfase
Cement, density 1.83
Polymer clay
1000
Bentonite cement,
density 1 481500
2000
Production casing Ø 168 mm
density 1.48up to 150 m over surfase casing shoe Polymer clay
mud, density 1.1
2000
2500
Cement, density 1.83
R i
Pump set up section
13
2650
Reservoir
PetroNeftPetroNeftPetroNeftPN Drilling and Completion Time Comparison
40
Construction Schedule for Lineynoye Development Wells
30
35
40
#109
20
25
er o
f day
s
#110#112
#113#114
33
2523
182010
15Num
be
#115 #116 #117 #111
14 15 15 1511
13
710 10
8 9
0
5
14
Drilling Completion
PetroNeftPetroNeftPetroNeftPN Schematic of a Water Flood System
TREATINGPLANT
RETURNWATER
LACT OIL SALE
OIL
FUTURE FACILITIES
INJECTIONPLANT
PLANT
SOURCE FUEL GAS
STORAGE
TREATER
WELLHEAD
SEPARATORSKIMMER
WELLHEADINJECTION
CONTROLMANIFOLD
SOURCEOF
WATER WATERDISPOSAL
WELLHEAD
INJECTIONWELL
PRODUCTIONWELL
PRODUCTIONINJECTION
WATERWELL
SOURCE
Convert ~ 1/3
RESERVOIRCenomanian Water Sands at ± 1,850 m
Existing Wells
15
Upper Jurassic Oil Reservoir at ± 2,400 m
PetroNeftPetroNeftPetroNeftPN Hydraulic Fracturing
Protecting the environment
What is Hydraulic Fracturing?- Pumping of viscous fluids and sand under high pressure into the formation
How is Ground Water & Drinking Water protected?p g g p
to create a high permeable fracture into the reservoir.
Why Hydraulically Stimulate (Fracture) a well?1. Remove Formation Damage caused by Drilling/Completion activities (near
wellbore damage).2 E d d i h l i h i
p
1. Proper Well Design – approved by local Government Authorities.
2. Casing and Cement protects and isolates both Water Zones and P d i Z
16
2. Extends a conductive channel into the reservoir:a. Increases the natural productivity of the well with a high
permeability channel,b. Increases the drainage area of the well to contact isolated reservoir
sands.
Productive Zones.3. Impervious Shale layer above
productive zone.4. Thick interval between Ground
Water and Productive Zones.
PetroNeftPetroNeftPetroNeftPN Effective Fracturing in Russia
• Almost all Siberian oil wells fall into the intermediate permeability segment (1 mD > k < 50 mD). These wells produce well enough if completed and produced with customary practices. However, they can often be converted into excellent high volume producers by applying effective fracturing technology matched with a lift system to take advantage of the enhanced productivity.
Siberian Oil Well Data Typical LineynoyeWell Field Units
Pr, average reservoir pressure 200 262 atmospheresPb, bubble point pressure 120 83 atmospheresKo permeability to oil (liquid) 5 3 to 40+ millidarciesKo, permeability to oil (liquid) 5 3 to 40+ millidarciesh, formation thickness 15 2 to 15 metersVo, oil viscosity (liquid) 1.5 0.5 centipoiseBo, formation volume factor 1.2 1.286Ct, total compressibility 2.94E-04 2.00E-05 atm -1Re, drainage radius 250 500 to 700 meters
• While a typical Siberian well: 5 mD, 15 metres, with a moderate skin damage produces ~ 20 m3/day (125 bopd),
• the same well stimulated effectively will produce up to 175 m3/day (1,100 bopd), depending on
Rw, well bore radius 0.1 0.1 meters
y p p y ( ) p gthe flowing bottom hole pressure created by the lift system
• Each frac job should be designed individually using specific well parameters so that proper stimulation will occur. Effective fracture geometry is very sensitive to permeability changes in intermediate permeability reservoirs
17
Joe Mach, et. al
PetroNeftPetroNeftPetroNeftPN
INPUT OUTPUT
Lineynoye Well Productivity
10 Horizontal permeability, khorz (md)0.73 Oil (or gas) viscosity at reservoir conditions, uo (cp)
1.162 Oil (or gas) formation volume factor, Bo or Bg (Rvol/STvol)0 Skin factor3777 reservoir pressure, pe (psia)
199 reservoir temperature (deg F)
00 500 1,000 1,500
VERTICAL WELLFLOW RATE CALCULATION
Vert. ( 16 ) skinVert. ( 12 ) skin
Geometry121 spacing (acres)0.35 wellbore radius, rw (ft)49.2 Height, h (ft)
1,295.3 reservoir radius, r eh (ft)
500
1 000)
Vert. ( 8 ) skinVert. ( 4 ) skinVert. ( 0 ) skinVert. ( -2 ) skin
16 12 8 4 0 -2
Drawdown PwfVert. ( 16 )
skinVert. ( 12 )
skinVert. ( 8 )
skinVert. ( 4 )
skinVert. ( 0 )
skinVert. ( -2 )
skin(psi) (psi) (STB/D) (STB/D) (STB/D) (STB/D) (STB/D) (STB/D)
0 3,777 0 0 0 0 0 0250 3,527 42 51 63 84 125 165500 3 277 85 102 127 168 250 330
1,000
1,500
Dra
wdo
wn
(psi
)
-2 skin(0)
500 3,277 85 102 127 168 250 330750 3,027 127 152 190 252 375 495
1,000 2,777 170 203 253 336 500 6611,250 2,527 212 254 317 420 625 826
1,500 2,277 254 305 380 504 750 9911,750 2,027 297 355 443 588 875 1,156
2,000
2 5002,000 1,777 339 406 506 672 1,000 1,3212,250 1,527 382 457 570 756 1,124 1,4862,500 1,277 424 508 633 840 1,249 1,651
2,500
(STB/D)
1. Lineynoye Well inflow performance for a 10 mD, 15 metre thick reservoir 2 V ti l W ll d 2 ki
18
2. Vertical Well assumes zero and -2 skin3. Experience shows that in prediction mode a fixed BHP of 1500 psi is a reasonable approximation for continued ESP use
PetroNeftPetroNeftPetroNeftPN
EXAMPLE FRACTURE PROFILEFRACTURE PROPAGATION SOLUTION
Hydraulic Fracture
Width ContoursWidth (cm)
0.20.40.60.811.2
Stress2495
2500
Width Profiles
EXAMPLE FRACTURE PROFILEFRACTURE PROPAGATION SOLUTION
Calculated Values
Slurry Volume Injected 185.24 m3
Liquid Volume Injected 167.83(m^3)
Fluid Loss Volume 106 81(m^3) 1.21.41.61.822.2> 2.4
2505
2510
2515
VD
(m)
Fluid Loss Volume 106.81(m^3)
Frac Fluid Efficiency 0.42026
Net Frac Pressure 6516.1(kPa)
Length (one wing) 81.103(m)
Upper Frac Height 13.451(m)
Lower Frac Height 22.969(m)
2520
2525
2530
TV
g ( )
Upper Frac Height (TVD) 2497.2(m)
Lower Frac Height (TVD) 2533.6(m)
Total Frac Height 36.42(m)
Max. Frac Width at Perfs 2.2444(cm)
Avg. Hydraulic Frac Width 1.3223(cm)
0 20 40 60 80 100Length (m)
32000 34000 36000Stress (kPa)
2530
2535-2 0 2
Width (cm)
PROPPANT DESIGN SUMMARYFrac Length – Created 81.103 m
Frac Length – Propped 80.7 m
Frac Height - Avg. 29.955 m
P d H i ht (P Z ) A 15 408 FLOW PROFILEPropped Height (Pay Zone) - Avg. 15.408 m
Max Width at Perfs – EOJ 2.2444 cm
Propped Width (Well) - Avg. 0.85899 cm
Propped Width (Pay Zone) - Avg. 0.69615 cm
Conc./Area (Frac) - Avg. at EOJ 10.949 kg/m2
Conc./Area (Pay Zone) - Avg. at Closure 13.249 kg/m2
FLOW PROFILE
19
Conc./Area (Pay Zone) Avg. at Closure 13.249 kg/m
Frac Conductivity (Pay Zone) - Avg. at Closure 2077.6 md-m
Dimensionless Frac Conductivity (Pay Zone) 3.218
Total Sand Mass Pump 55.00 tonsExample design – each well will have individual design
PetroNeftPetroNeftPetroNeftPN Facilities Construction June 20, 2010
20
PetroNeftPetroNeftPetroNeftPN Central Processing Facility Schematic
Gas Piston Power
Generators
High Pressure Flare
Pad 1 W ll
Design Capacity
370,000 tons/year
7,400 bopd 3 X 450 KW
Future Expansion 1,000 KW
Boiler (heater)
Generators
Gas Separator
Heater Secondary
Low Pressure Flare
Wells
P2
2000 3
P11000 m3
Heater Seco da ySeparator
Oil Storage TanksPrimary Separator
10 atm
16 atmW ll 2000 m31000 m
Slug Catcher
Notes
1 No gas dehydration
16 atm40° CWell
Test Separator
MeterWater Storage Tanks
Future Expansion
1. No gas dehydration
2. Oil stabilization
3. Oil storage 2 days
4. Pumping 2 X 50%
60 m³/hr9,000 bpd
21
Meter
Pipeline
To Water Injection Stations
Water Storage Tanks5. No gas compression
6. Power supply - gas piston engine generators
PetroNeftPetroNeftPetroNeftPN General Plan – Production Facilities
N
28Pipeline Collection
27
2.13
105
6
19.4
19.1Heaters
Gas FlareStorage Tanks
2.21
7
4
10
33
5
8
19.619.5
19.3
19.4
19.2Separator Pump
Station
31179
8
121216
21.3
21.3
20.120.2 20.3
23
Control Room
Power Switchboard
Fire Water Tanks
BoilerLab
Emergency Flare Pit
Diesel Tanks
Foam Pump
24
21.1
21.1
21.1
21.2
21.6 22
21.4
21.5
25 14
1332
15Fire Fighting Equipment
Tanks
Power Generators
p
22
18 Parking Area
PetroNeftPetroNeftPetroNeftPN Export Pipeline Overview
Sanctioned in June 2008
First Phase
SibkrayevskayaProspect
WL and Lineynoye
Kondrashevskoye
Development of Lineynoye and West Lineynoye
Construction of 60 km production pipeline to Imperial Kiev-Eganskoye pipeline in Q1
ArbuzovskayaProspect
y
Tungolskoye
PetroNeft New Pipeline to K-E 60 km
to Imperial Kiev-Eganskoye pipeline in Q1 2010
25 year transportation agreement with Imperial includes use of storage, measuring and testing facilities g y
Kiev-Eganskoye
TraverskayaProspect
measuring and testing facilities
First pipeline oil production in August 2010
Production - 4,000 bopd end of 2010, 12,000 bopd in 2012
Additional Phases
Incremental addition of Kondrashevskoye, Tungolskoye and other discoveries
23
PetroNeftPetroNeftPetroNeftPN Export Pipeline – Infrastructure
Pipeline Infrastructure
Length 60 km, Diameter 273 mm
Capacity ~20,000 bopd
B i l d th 1 t (5 b l i )
Lineynoye
Burial depth ~1 metre (5 m below rivers)
9 pipeline isolation valves
3 helicopter pads
2 i li T’ f f t ti2 pipeline T’s for future connections
Pipeline Monitoring Procedure
The Company has an Emergency Response Plan in place and approved by p p pp ythe Russian authorities in event of an emergency.
There is a pipeline inspection monitoring programme in place that includes ongoing Kiev-
E kmonitoring of and control of oil flow and pressure changes in the pipeline. There is also a weekly visible inspection programme of the entire pipeline route.
Eganskoye
0 10 20 kms
24
Helicopter pad
T – Valves
Production Facilities “Imperial Energy “ Pipeline
CTP
Pipeline Isolation Valves
In the event of an shut-down there are 9 isolation valves located along the pipeline to mitigate any emergency.
PetroNeftPetroNeftPetroNeftPN Oil Transportation Scheme
60 km60 km
152 km
25
PetroNeftPetroNeftPetroNeftPN Infrastructure – Communications
Stimul – T, Tomsk
com
mun
icat
ion
,
1. Walkie-talkie
2. Office Network (Ethernet)
3 Production Network (Ethernet)
Satellite Station
Sate
llite
c 3. Production Network (Ethernet)
lite
com
mun
icat
ion
lite
com
mun
icat
ion
lite
com
mun
icat
ion
1. Walkie-talkie
2. Office Network (Ethernet)
3. Production Network (Ethernet)
Walkie-talkie Walkie-talkie
Oil treatment
facilities
Sate
l
Sate
l
Sate
l
Ethernet linkupKiev -
EganskoyeZavyalovo
CTPProduction Facilities Wireless link
Telemechanics data
facilitiesWireless link connection between Oil Treatment Facilities and Production Facilities
1. Office Network (Ethernet)
2. Production Network (Ethernet)
3. Walkie-talkie
less
link Voice communication
(radius 30 km)Well Pads
26 Drilling&Geology CampWell Pads
Mobile Radio Stations
Satellite Phones
Wire Telemechanics
data