Ruspetro receives 20-year licence extension to its Russian projects

4/15/2014

Ruspetro receives 20-year licence extension to its Russian projects

LONDON -- Ruspetro reported 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 through its wholly owned subsidiaries INGA and Trans-oil, holds the Pottymsko-Inginsky, Vostochno-Inginsky and Palyanovo licences covering 1,205 sq km in the Khanty-Mansiysk region of Western Siberia.

The Company also reported 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, CEO, 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."

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