Ruspetro Gets 20-Year Extension to Vostochno-Inginsky License

Junior explorer Ruspetro reported Tuesday that its Vostochno-Inginsky license in the Western Siberia region of the Russian Federation has been extended by 20 years to June 2034. The license had been due to expire in June 2014.

The firm also reported the commencement of drilling operations from Pad 23b following the spud of its first multi-stage fractured horizontal well on the Pottymsko-Inginsky license block. This well, designated No.234, is being drilled under a technical partnership agreement that Ruspetro has with French oilfield services firm Schlumberger.

Ruspetro CEO John Conlin commented in a company statement:

"We are pleased to have successfully extended our Vostochno-Inginsky licence. Additionally, the commencement of drilling at our first multistage fractured horizontal well marks another important milestone in our technical partnership with Schlumberger."



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