PetroNeft is pleased to provide an update on operations at Licence 61.

Highlights

Tungolskoye •Tungolskoye Development drilling contract awarded to Eurasia Drilling, one of the largest drilling companies in Russia ◦Development will consist of up to 11 wells ◦Rig mobilization and construction of 25 km oil pipeline and utility line from Tungolskoye to Lineynoye Central Processing Facilities is now underway

•T-5 well temporarily shut-in while exploration rig is disassembled and pump remedial works completed

Arbuzovskoye •Arbuzovskoye 104 well now on production at an initial rate of 100 bopd •Arbuzovskoye 107 well has confirmed 3.2 m of net oil pay and has been put on production at an initial rate of 100 bopd •Arbuzovskoye 108 well has confirmed 2.2 m of net oil pay and will be put on production shortly.

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