Ruspetro Conducts Successful Flow Test on Russian Well

Junior explorer Ruspetro reported Wednesday that it has successfully carried out a 10-day flow test on its first multi-stage fractured horizontal well (No. 214) in the Pottymsko-Inginsky license area of Russia.

Three large fractures were placed in the 1,970-foot horizontal section of the well. After initial clean-up the well produced at an average rate of 1,350 barrels of oil per day over the test period, with a water-cut of approximately 50 percent. Ruspetro said the water-cut is steadily declining and that this will allow for further optimization of the performance of the electrical submersible pump.

Ruspetro said the well is connected to its production infrastructure and has been contributing materially to sales volumes since early July 2014. Average second-quarter production before the hook-up of well No. 214 was 3,235 bopd.

The firm added that the second well in its current campaign, No. 251, is currently being drilled and is expected to be completed in early September. In this well, the company will employ (for the first time in Russia) a completion system designed and implemented by NCS Energy Services. This system will allow for a larger number of customized fractures to be placed along the horizontal wellbore than the completion technology that is currently available in the country.

Ruspetro CEO John Conlin commented in a company statement:

"The production performance of our first horizontal well is encouraging. Equally exciting is the introduction of innovative yet proven completion technologies into our operations, which we believe will make a positive contribution to value creation for our shareholders."



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