Ruspetro Arranges Funding to Reinvigorate Field Development

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."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Broussard: Senior Field Engineer - MWD/LWD
Expertise: Field Development
Location: Broussard, LA
 
US Houston: Division Finance & Accounting Manager
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Are you a Big 4 Trained Auditor looking for work?
Expertise: Financial Audit
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours