LONDON (Alliance News) - Ruspetro PLC Thursday said its third quarter production was down on waterflooding and well enhancements but sales were up during the period.
The oil-and-gas development company with operations in western Siberia said sales increased 4.2% to USD19.7 million for the three months ended September 30 from USD18.9 million the previous quarter.
Ruspetro also said production its October average production rate was 4,065 barrels of oil per day, a reduction from its July production average of 4,394 barrels as a result of waterflooding and slowdowns during well enhancements.
The company said it third quarter average production rate was 4,267 barrels of oil per day.
The company said it had a cash balance of USD23.9 million at the end of the period, reflecting a reduction in trade payables and an advance payment to Schlumberger for their field development study.
RusPetro shares were down 0.4% to 32.88 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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