Revenue up at Ruspetro thanks to an increase in oil production

SIBERIAN-focused oil and gas explorer Ruspetro yesterday reported a 22 per cent jump in revenue, thanks to a ramp-up of production at its main asset.

Revenue for the exploration and development group increased to $17.7m (£11.1m) in the third quarter of 2012, compared to $14.6m in the previous quarter, buoyed by an increase in oil production at its operations in Western Siberia.

Oil output over the three months to 18 November rose to 7,853 barrels of oil per day. Ruspetro added that it was on track to achieve a full-year target of 10,400 barrels a day.

Higher production of condensate – a by-product of drilling – also flattered increased revenues.

Net debt stood at $310.8m over the three months to November, with $64.7m of cash, reflecting Ruspetro’s listing on the London Stock Exchange in January, it said.

Chief executive Don Wolcott hailed the performance over the first half, adding that Ruspetro would focus on accelerating drilling for more condensate.

In August, Ruspetro recorded a $26.4m pre-tax loss for the six months to June, as the cost of sales and administrative expenses dragged it down.

Shares closed up 1.76 per cent yesterday at 89.55p.