Onshore Russia-focused Ruspetro reported Friday that it plans to spud and drill another horizontal well from Pad 23b by the end of the year before another phase of horizontal development begins in March 2015.
So far the company has spud two horizontal wells. The first, spud in April 2014, was well #214, which was completed in July and flowed at 1,350 barrels of oil per day. The second, well #251, spud in June and is expected to be completed in September.
During the winter of 2014/2015 Ruspetro intends to commission an appraisal rig to drill five short-radius horizontal appraisal wells and two pilot vertical wells. The outcome of this appraisal drilling campaign is intended to give the company further horizontal development well drilling locations, it said.
Ruspetro also said that it is currently in advanced discussions with regard to a restructuring of its balance sheet and the securing of additional funding to enable it to implement its planned horizontal well drilling program and to provide general working capital.
The firm's July 2014 production averaged 4,030 bopd, compared to average production for the first half of 3,366 bopd. The firm's revenue for 1H 2014 was $27.8 million compared to $42.5 million in 1H 2013, while its earnings on an EBITDA level were $4.2 million (1H 2013: $3.5 million).
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