Uncategorized
  • SD UK

  • Ruspetro Signs $30m Prepayment Facility with Glencore

    Ruspetro plc today announces that the Company has signed a crude oil prepayment facility with Glencore Energy UK Ltd  for US$30 million.

    The facility is for a period of one year and requires the Company to deliver a minimum of 15,000 metric tonnes per quarter (approximately 1,200 bopd) of crude oil to Glencore.

    Tom Reed, Acting Chief Executive Officer, commented:

    “This facility enables the Company to reinvigorate appraisal and development activity in the field, while strengthening the financial base necessary to prosecute our strategic process.  We will now re-address some of the geological challenges we faced in 2012 with a more measured approach, improved sub-surface modelling and horizontal wells.  In parallel, we continue to work on the monetization of our gas assets and finding the right strategic partner for our oil field. ”

    Source

    Previous post

    Kara-Summer 2013 Expedition Ends Fieldworks in the Kara Sea

    Next post

    KazTransGas National Gas Shipping Company to purchase annually 2.5-3 billion cubic meters of gas from Kashagan consortium