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!


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.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Malaysia's Icon Offshore Receives $12.... (Nov 25)
 -  UMW Naga 8 Secures Contract from Sapur... (Nov 24)
 -  China's NDRC Approves Development of t... (Nov 24)
 -  Lundin Spuds Ornen Prospect Well in Ba... (Nov 24)
 -  Sound Energy: Estimated Badile Well Co... (Nov 24)

Most Popular Articles

From the Career Center
Jobs that may interest you
Dean of Deepwater Center for Workforce Excellence
Expertise: HR - Trainer / Instructor|Petroleum Engineering
Location: Schriever, LA
Senior Reservoir Engineer; Decline Curve & Reserve Analysis
Expertise: Reservoir Engineering
Location: Houston, TX
Rig Expeditor
Expertise: Paramedic / Nurse|Rig File Clerk
Location: North Slope, AK
search for more jobs

Brent Crude Oil : $45.83/BBL 2.61%
Light Crude Oil : $41.75/BBL 3.36%
Natural Gas : $2.21/MMBtu 2.79%
Updated in last 24 hours