Ruspetro reported Wednesday that it has agreed a crude oil prepayment facility with Glencore Energy UK for $30 million. The funds will be used by Ruspetro to "reinvigorate" its appraisal and development activities at its three license blocks in the Krasnolenisk Arch in Western Siberia, where it has proved and probable reserves of more than 1.8 billion barrels of oil equivalent.
The prepayment facility is available for a period of one year and required Ruspetro to deliver a minimum of 15,000 metric tons per quarter (equivalent to approximately 1,200 barrels per day) of crude oil to Glencore.
Ruspetro Acting Chief Executive Officer Tom Reed commented in a company statement:
"This facility enables the company to reinvigorate appraisal and development activity in the field, while strengthening the financial base necessary to prosecute our strategic process.
"We will now re-address some of the geological challenges we faced in 2012 with a more measured approach, improved sub-surface modelling and horizontal wells. In parallel, we continue to work on the monetization of our gas assets and finding the right strategic partner for our oil field."
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