Petrogrand: Sees Small 3% Production Uplift in November

The total production from the Komi oil fields Dinyu-Savinoborskoye, Sosnovskoye and Yuzhno-Tebukskoye in November 2015 amounted to 57,435 barrels of oil, corresponding to an average of 1,915 barrels of oil per day (a slight increase of 3 per cent compared to 1,852 barrels of oil per day in October 2015). Petrogrand’s share of the production amounted to 28,143 barrels of oil, corresponding to an average of 938 barrels of oil per day.

The Komi oil fields are held by Petrogrand’s associated company Ripiano Holdings Ltd. Petrogrand holds 49% of the shares in Ripiano. Starting from the third quarter of 2015 the results of Ripiano are reported as the results from discontinued operations in Petrogrand’s income statement and as the assets held for sale in Petrogrand’s balance sheet.