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17 Jan 2014 09:56
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Ruspetro plc
17 January 2014
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Ruspetro plc ("Ruspetro" or the "Company")
Operational Update
London, 17 January 2014: Ruspetro plc (LSE: RPO) announces today an update on its operations.
Average daily production for the fourth quarter was 4,010 bopd, a reduction of 6% from third quarter average production of 4,267 bopd. 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 waterflood campaign is being further expanded in 2014 with four more wells to be converted to water injectors. No new wells were completed in the fourth quarter of 2013.
Operating cash flow has been increased by the recently introduced fiscal measures. MET relief of 80% is being applied to production from 1 September 2013 which increases well head revenue per barrel to c. US$38/bbl from c. US$22/bbl at a Brent oil price of US$100/bbl.
In continuation of the previously announced technical partnership with Schlumberger, a joint team of sub-surface specialists is working on the design of the forward drilling programme which will be announced in due course.
Enquiries
Investors / Analyst enquiriesDominic Manley, Ruspetro+44 207 318 1265
Twitter: @ruspetroplc
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Media enquiriesNatalia Erikssen - FTI Consulting
+44 207 831 3113
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About Ruspetro
Ruspetro plc is an independent oil & gas development and production company, listed on the premium segment of the London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro assets include proved and probable (2P) reserves of over 1.8 billion barrels of oil equivalent.
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