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Ruspetro Production Falls But Sales Increase In Third Quarter

Thu, 07th Nov 2013 13:08

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

Copyright © 2013 Alliance News Limited. All Rights Reserved.

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