RusPetro ups production and revenue

Siberian explorer RusPetro said increased oil production led to a jump in revenue in the third quarter.

Siberian explorer RusPetro said increased oil production led to a jump in revenue in the third quarter.

The firm's revenue rose 22% to $17.7m in the third quarter of 2012 compared to $14.6m in the preceding three months.

It reached a production rate of 7,853 barrels of oil per day and said it was on track to hit the year-end target exit rate of 10,400 barrels.

Chief Executive Don Wolcott said he was excited about the prospects for the year ahead.

"Our focus for the remainder of the year and 2013 will be on the high quality execution of our projects and accelerating our drilling in the north eastern condensate producing area," he said.

The company had net debt of $310.8m at the end of the period with $64.7m of cash, which it said reflected the IPO in January.

Capital expenditure during the third quarter was $29.7m, compared to a capital expenditure of $32.3m during the second quarter.

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