8 Nov 2012 07:00
8 November 2012
Ruspetro plc
Operational Update
7,853 bopd production achieved, on track to meet our year-end target exit rate of 10,400 bopd
London, 8 November 2012: Ruspetro plc (LSE: RPO), the independent oil & gas development and production company listed on the London Stock Exchange, located in the Khanty-Mansiysk region of the West Siberian basin publishes today an update on its operations for the period since 29th August to date.
Period highlights:
·; Crude production achieved: 5,493 bopd
·; Condensate production achieved: 2,360 bopd
·; In addition to the 7,853 bopd of production achieved, 1,500 bopd of condensate production is temporarily shut-in while the early production facility is being upgraded in the north east of the field
·; The additional capacity from this upgrade will be available before year end
·; On track to achieve year-end target exit rate of 10,400 bopd; approximately half of which will be higher-value condensate production
·; Weatherford fracturing fleet now permanent in the field and contracted to execute our fracture completions on schedule
Condensate refers to the light oil being produced in the north eastern area of the field and classified under Russian OST standard OST 51.58-79. Currently condensate generates well head revenue of approximately $42 per barrel versus $22 per barrel for Ruspetro crude due to the different Mineral Extraction Tax rates for the two products.
Don Wolcott, Chief Executive Officer, said, "I am pleased to announce we have now entered a phase in which production is picking up strongly as more wells come on-stream. We have demonstrated our ability to increase the pace of well completions, with more wells planned before year-end which will include a significant contribution from the higher-value condensate production in the north east area of the field."
Our third quarter Interim Management Statement will be released on 19th November 2012.
Enquiries
Investors / Analyst enquiriesDominic Manley, Ruspetro+44 207 318 1265
MediaPatrick Handley / Catriona McDermott, Brunswick+44 207 404 5959
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 1.5 billion barrels of oil.