LONDON (Alliance News) - Ruspetro PLC Tuesday said it has extended its Vostochno-Inginsky licence for 20 years until June 2034 and has started drilling at its Pad23b site.
The oil and gas development and production company with operations in Russia said the Vostochno-Inginsky licence was due to expire in June and has now been extended by the Federal Subsoil Resources Management Agency.
The company separately said that it has started drilling operations from its Pad23b site following test production of its first multi-stage fractured horizontal well at its Pottymsko-Inginsky licence block.
The well, which is numbered #214, is being drilled as part of a major partnership agreement with Schlumberger Ltd it signed in September 2013.
Ruspetro shares were up 6.7% to 19.20 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.