RusPetro plc provided an operational update. RusPetro's operations are located in the Khanty-Mansyisk region of the West Siberian basin.
Don Wolcott, Chief Executive Officer, commented, "RusPetro's first six weeks as a public company have been busy and productive. We have had encouraging results from well 1004 in the northeast area of the field. We are accelerating our drilling in the western area and rigging up to drill more in the northeast area. Our infrastructure build-out is advancing ahead of schedule to support our anticipated increased production this year. We are also delighted to be included in the FTSE 250 index."
Well 1004 Test Results
Well 1004, completed in December, was originally drilled to meet license requirements. The well was drilled to the target depth of 9,649 feet (2,941 meters). Core analysis and logging indicated multiple hydrocarbon-bearing zones in the Jurassic UK8-10. For testing, a 66 feet (20 meter) interval from 9,331 to 9,396 feet (2,844 to 2,864 meters) in the UK 9 interval was perforated. In February, an extended well test was initiated and the well flowed unstimulated at 700 barrels of oil per day. Wellhead pressure was consistent at 1,600 psi, indicating potentially higher flow rates after fracturing and in normal operating conditions. RusPetro is continuing to produce from this well into temporary storage facilities while completing the surface infrastructure upgrades to accommodate higher production rates for this part of the field.
Well 4158 Spudded
Following the positive results from well 1004, RusPetro has spudded well 4158 from the same pad as well 1004 in the northeast area of the field. Well 4158 is a delineation well, targeting Lower and Middle Jurassic siltstones at 9,055 feet (2760 meters) TVD and offset approximately 1,640 feet (500 meters) from 1004. The well will reach target depth this month.
Well 244 Completion
Well 244 was spudded on January 28, from pad 21 in the western area, and drilled to target depth of 9,304 feet (2,836 meters) and cased. A 79 feet (24 meter) interval was perforated from 8,957 to 9,035 feet (2730 to 2754 meters) in the UK2-3 zone and the well is being prepared for hydraulic fracturing later this week.
Well 245 Spudded
RusPetro spudded well 245 from pad 21 on March 3. The well is a deviated well targeting the prolific UK2-3 play that was the focus of RusPetro's drilling in 2011. The Company expects to reach the target depth of 10,131 feet (3,088 meters) by March 20, and to complete the well and put it online in early April.
Well 1036 Coring Operations
RusPetro is currently collecting core from well 1036, an exploration well from pad 31 in the central area of the field. This well represents the final license obligation for RusPetro on this block. The well has reached a target depth of 11,421 feet (3481 meters) and is targeting the Lower Jurassic UK-10 zone. Casing and testing of the well will follow in the next weeks with a decision taken in April as to completion design.
Additional Rigs Mobilized
RusPetro is now mobilizing four rigs. Two, as originally planned, are being mobilized in the Western area of the field and an additional two rigs are being mobilized in the Northeast of the field in response to the test results of well 1004. In the Western area of the field there is currently one rig operational on pad 21 with one new rig mobilizing on pad 19 which will target bottom hole locations in the same UK 2-3 play as wells on the prolific Pad 21. In the Northeastern area of the field there is already an operational rig in place on pad 1 and a second rig is mobilizing on pad 3. These rigs are targeting bottom-hole locations in the UK 8-10 in sands similar to those found in well 1004.
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