ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

RusPetro: Financial Results – Revenue Triples

Thursday, April 19th, 2012

RusPetro plc, the independent oil & gas development and production company listed on the London Stock Exchange, today publishes its results for the twelve months ended 31st December 2011. RusPetro’s operations are located in the Khanty-Mansisk region of the West Siberian basin.

The results reported are those of the RusPetro Group, as reflected in the 2011 consolidated audited financial statements of its Cyprus subsidiary holding company, RusPetro Holdings Limited.

FINANCIAL HIGHLIGHTS 2011

 Revenues up 209% to $38.7m (2010: $12.5m)
 EBITDA of -$5.5m (2010: -$6.3m)
 Capex at $32m in 2011 versus $28m in 2010
 Average production well cost of $1.6m

OPERATIONAL HIGHLIGHTS 2011

 1P reserves up 30% to 157 million barrels
 2P reserves up 95% to 1,437 million barrels
 Average production up 136% to 2,475 bopd (2010: 1,055 bopd)
 2011 exit rate of 4,200 bopd, 2011 peak production at 5,000 bopd
 10 wells drilled, 100% success rate
 Comprehensive 3D seismic reinterpretation of target acreage

POST-PERIOD HIGHLIGHTS

 Further Reserves increase following DeGolyer & MacNaughton report as of 31st

December 2011:
o 1P oil reserves up 10% from 157m to 173m barrels
o 2P oil reserves up 7.5% from 1,437m to 1,545m barrels
 Completion of 27km pipeline linking central RusPetro processor with Transneft trunk pipeline, ahead of schedule and under budget
 4MW generating capacity installed to utilise associated gas, also ahead of schedule and under budget
 Two additional rigs, giving flexibility for 2012 drilling programme bringing the total number of rigs in operation to four
 Initiated sales from Polyanovo block with $9 per barrel premium to domestic pipeline sales
 IPO on London Stock Exchange, completed 18th January, net proceeds $240 million
 Elevation to FTSE 250 index at end March
Donald Wolcott, Chief Executive, RusPetro plc, said: “2011 was a year of growth and strategic development for RusPetro. We achieved all our production and reserves growth objectives together with a substantial step-up in our technical understanding of the subsurface across our licence areas. Collectively, these developments provided a solid platform for our successful listing on the London Stock Exchange in early 2012. We floated our company, on schedule, raising net proceeds of $240m, at a time when capital markets were cautious of new issuers.Since the start of 2012 we have made strong progress. Our infrastructure build out is ahead of plan, most notably with the completion of a new pipeline to the Transneft trunk line, which will have an appreciable impact on operating costs. We are also pleased with the rate of progress on a range of other processing equipment which will allow us to cater for accelerating production over the coming eighteen months. With a busy programme planned for the year we are confident we are on the right track in our path to growth.”

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