Ruspetro plc provides update on its operations.

On January 25, we announced our intention to bring on-line a heat exchange system during February in the newly discovered Palyanovo gas and gas-condensate field with the aim of boosting condensate production towards 4,000 bopd. The heat exchange system has now been commissioned and has reduced the temperature of the hydrocarbon stream to a target level of 40 degrees Celsius.

Overall Company production of oil and condensate has risen to a current level of 7,100 bopd. We still have a further six wells in the condensate area awaiting activation and are expecting to bring these online in the near future; however, owing to wells recently brought online, which have had lower than expected flow rates and condensate yields, we no longer expect condensate production to reach the previous target level of 4,000 bopd in February.

Tags: RusPetro plc