28 Dec 2012 09:56
28 December 2012
Ruspetro Granted License Extension for its Palyanovsky Block
London, 28 December 2012: Ruspetro is pleased to announce that the license for its Palyanovsky block has been extended by the Ministry of Natural Resources and Ecology of the Russian Federation (the "Ministry").
Ruspetro has completed the minimum work requirements for the Palyanovsky license block for 2012 and expects to continue to do so in future years whilst remaining in compliance with the obligations and conditions of the license. The Ministry has confirmed that, as of the date of the extension, the company was in compliance with its prior license obligations.
In connection with new regulations concerning associated petroleum gas flaring in Russia, the licensing authorities have introduced a new condition regarding gas utilisation into the newly extended license. Ruspetro is currently implementing a programme for gas utilisation that it expects to be completed by the end of 2014. The Ministry has reviewed this programme and has indicated that, if completed as planned and if the company remains in compliance with its other obligations, it expects that the newly extended license, currently due to expire in December 2015, would be extended for the economic life of the field, currently indicated to be 2063, upon review at the end of 2015.
The Palyanovsky license block covers an area of approximately 180.5 square kilometres with proved and probable reserves of 610 million barrels (as audited by DeGolyer and MacNaughton, 30 June 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 London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous license 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.