LONDON--RusPetro PLC (RPO.LN), an independent oil & gas
development and production company, said Monday it has signed a
technical partnership agreement with Schlumberger Ltd. (SLB) to
advance its field development plan and drill a number of
horizontal, multistage fractured wells using tight oil technology
and technical expertise.
MAIN FACTS:
-Schlumberger team will work alongside Ruspetro's technical team
in the Moscow offices to high grade current and future drilling
locations for appraisal and development wells.
-Additional subsurface work aimed at increasing resolution and
predictability in subsurface model will allow RusPetro to upgrade
Ruspetro's field development plan and gain a better understanding
of production variability.
-Initial appraisal drilling will include detailed logging and
coring of the Jurassic and Bazhenov zones to better refine and
resolve the geological model.
-Schlumberger's remuneration is directly linked to production
results.
-Ruspetro's 300,000 acre Bazhenov shale formation will benefit
from 100% relief from Russia's Mineral Extraction Tax.
-Whilst the main focus of the technical partnership is to
maximize productivity from the Company's Jurassic reserves, the
Bazhenov shale layer will also be cored and logged as a basis for
the future development of this formation.
-Shares at 0820 GMT unchanged at 33 pence valuing the company at
110.85 million pounds.
-Write to Ian Walker at ian.walker@wsj.com
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