Ruspetro: Licence Extension & Commencement of Drilling
Ruspetro plc, an independent oil and gas development and production company, with assets in the Western Siberia region of the Russian Federation is pleased to announce today that its Vostochno-Inginsky licence, which was due to expire in June 2014, has been extended by the Federal Subsoil Resources Management Agency of the Russian Federation for 20 years until June 2034. Ruspetro plc, through its wholly owned subsidiaries OJSC INGA and OJSC Trans-oil, holds the Pottymsko-Inginsky, Vostochno-Inginsky and Palyanovo licences covering 1,205 km2 in the Khanty-Mansiysk region of Western Siberia.
The Company is also pleased to report the commencement of drilling operations from Pad23b following the spud of its first multistage fractured horizontal well on the Pottymsko-Inginsky licence block. This well designated #214 is being drilled within the Schlumberger technical partnership agreement.
John Conlin, Chief Executive Officer, commented:
“We are pleased to have successfully extended our Vostochno-Inginsky licence. Additionally, the commencement of drilling at our first multistage fractured horizontal well marks another important milestone in our technical partnership with Schlumberger.”
