Ruspetro Jumps on Successful Horizontal Well in SiberiaStephen Bierman
RusPetro Plc, the oil producer focused on tight formations in Siberia, rose as much as 16 percent on results of its first multi-stage horizontal well using hydraulic fracturing technology.
Shares at the London AIM-listed company climbed to as much as 19.75 pence at 9:51 a.m. The company announced that the well produced 1,350 barrels per day over a 10-day test period, according to an e-mailed statement. Production before the well averaged 3,235 barrels a day in the second quarter.
Russia has sought to stimulate its unconventional resources to bolster output as the government gains about half of it’s annual budget revenue from oil and gas. Ruspetro expects to complete another well in early September, according to the statement.