Ruspetro Sees Slight Decline in Production in April

Russia-focused junior explorer Ruspetro reported Thursday that its average production for April was 3,425 barrels of oil per day, compared with first quarter production of 3,479 bopd.

The decline in production was partly attributed to the firm's condensate stream stopping after it suspended production from the Palyanovo license block in January to conserve gas for future sale. There was also a natural decline in oil production from the firm's Pottymsko-Inginsky license.

Ruspetro is continuing to drill its first multi-stage fractured horizontal appraisal well from Pad 23b on the Pottymsko-Inginsky license. Drilling began in April and the pilot vertical well phase has now been completed, confirming the company's structural and reservoir understanding.

Approximately 62 feet of oil-bearing sands have been identified in the Jurassic two and three formations, which was towards the higher end of Ruspetro's expectations.

Meanwhile, Ruspetro confirmed that the Vostochno-Inginsky license, which was due to expire in June 2014, has been extended by 20 years to June 2034. The firm had a cash balance of $8 million as of April 30, 2014, and it renewed its prepayment facility with Glencore Energy UK in March.

Ruspetro CEO John Conlin commented in a company statement:

"While 2013 was a year of reassessment for Ruspetro, 2014 should be a year of progress. This is underlined by the commencement of our planned horizontal appraisal drilling program with first production expected in July. We are pleased that the Vostochno-Inginsky license has been extended in response to our application. We also thank Sberbank and Glencore for their continued support."

 



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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Keppel's BrasFELS Completes Project fo... (Jun 29)
 -  Sembcorp Marine Acquires 50% Stake in ... (Jun 29)
 -  VARD Agrees to Terminate Order to Buil... (Jun 29)
 -  POGC Prepares to Install SPD19A Platfo... (Jun 29)
 -  Santos Successfully Drills the AAL-4XS... (Jun 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Assistant Driller-Temporary
Expertise: Driller
Location: United States
 
US Houston Advising Sales Engineer
Expertise: Petroleum Engineering|Reservoir Engineering|Sales
Location: Houston, TX
 
Shop Foreman, Service, Technology, & Rentals-Decommissioning
Expertise: Drilling Foreman / Drilling Supervisor
Location: Morgan City, LA
 
search for more jobs

Brent Crude Oil : $48.58/BBL 3.01%
Light Crude Oil : $47.85/BBL 3.28%
Natural Gas : $2.917/MMBtu 7.63%
Updated in last 24 hours