LONDON (Alliance News) - Ruspetro PLC Friday said average daily production for the fourth quarter was down 6.0% on the third quarter.
The oil and gas development and production company which has operations located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia, said that average daily production for the fourth quarter was 4,010 barrels of oil per day, 6.0% lower from third quarter average production of 4,267 barrels of oil per day.
Ruspetro third quarter production was already down due to a waterflooding programme and well enhancements, although sales were up during that period.
The group completed no new wells in the fourth quarter of 2013.
"The increasingly stable production level is due to the effects of the waterflood program arresting decline and now positively impacting 14 wells in our main production area," the company said in a statement.
Waterflooding is the use of water injection to increase the production from oil reservoirs. Ruspetro said that the waterflooding campaign is being further expanded in 2014 with four more wells to be converted to water injectors.
The group said that operating cash flow has been increased by recently introduced fiscal measures.
Ruspetro shares were up 0.9% Friday morning, trading at 27.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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