Ruspetro Reports Progress with Appraisal Drilling

West Siberia-focused Ruspetro reported Wednesday that it has made progress with appraisal drilling at its field in the Khanty-Mansiysk region.

Ruspetro said that preparations – including pipelines, power, road and bridge access – had been completed at the Pad 4 area in the gas/condensate part of the field and that drilling had commenced. The company will use drilling here to continue its appraisal and characterization of the gas/condensate formations.

Meanwhile, rig build-up preparations are ongoing at the Pad 23 area, which is located in the crude oil-producing western part of the field, and two further wells are to be converted into water injectors in the Pad 21 area during the third quarter of 2013.

Ruspetro said that its average production rate for the first quarter of the year was 5,986 barrels of oil per day. During April, this production rate fell to 5,452 bopd.

Ruspetro Chief Executive Don Wolcott commented in a statement:

"In line with the plan laid out at our Strategic Review Presentation of 12 April, we are pleased with the progress made in our appraisal drilling program. Pad 4 has now been completed, with infrastructure in place and drilling commenced. Appraisal drilling from Pad 4 will enable us to further delineate the gas and condensate reservoir in the North.

"Drilling from Pad 23 will delineate the productive sands going west from the prolific crude oil producing Pad 21 area. Our discussions with Sberbank are progressing and we are confident that they will be completed in the first half of 2013."


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