Ruspetro Rises Most in Eight Weeks After Boosting Oil Extraction

Nov. 8 (Bloomberg) -- Ruspetro Plc, a Russian oil explorer, rose the most in eight weeks in London trading after reporting a 40 percent increase in oil and condensate output and reiterating its year-end target.

Ruspetro climbed as much as 8.4 percent, the biggest intraday gain since Sept. 13, and traded up 7.4 percent at 107.4 pence as of 8:38 a.m. London time.

Production has reached 7,853 barrels a day, up from 5,600 barrels a day on July 9, the Moscow-based company said today in a regulatory filing. Ruspetro, which operates at western Siberia’s Krasnoleninsk field, is on schedule to pump 10,400 barrels a day by the end of the year.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net