LONDON (Alliance News) - Ruspetro PLC Thursday said drilling has started on its first multi-stage fractured horizontal appraisal well and the pilot vertical well for for the site has now been completed.
In an interim management statement for the period January 1 to date, the company said it produced on average 3,277 barrels of oil per date in April, while in the first quarter 2014 it produced on average 3,496 barrels of oil per day.
This was down slightly from the fourth quarter 2013 when it produced on average 4,010 barrels of oil per day.
Ruspetro said its Vostochno-Inginsky licence in the Western Siberia region of the Russian Federation has been extended by 20 years to June 2034. The licence had been due to expire next month.
At April 30, the company said it had a cash balance of USD8 million.
Looking ahead, Ruspetro said 2014 should be a year of progress for the firm. "This is underlined by the commencement of our planned horizontal appraisal drilling programme with first production expected in July," Chief Executive John Colin, said in a statement. "We are pleased that the Vostochno-Inginsky licence has been extended in response to our application."
Ruspetro shares were quoted down 12% at 17 pence Thursday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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