RusPetro up on revenue and reserve growth

RusPetro, the FTSE 250 oil and gas company with licences in Western Siberia, has reported a big boost in its proved oil reserves.

The latest reserve estimate suggests proved resources of 172m barrels - a 10% rise on the previous figure. The "proved and probable" estimate is now up 7.5% at 1.545bn.

The firm also says revenues in the first quarter were 28% ahead of the final three months of 2011 at $19.2m. On a year-on-year basis, the figure is 447% ahead.

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Since its public listing in January RusPetro has risen 35%, breaking into the FTSE 250 in March.

It currently has four rigs in operations with average production in 2012 at 4000 barrels of oil per day. The aim is to get that up to 10,400 by the end of the year.

Donald Wolcott, RusPetro's Chief Executive, said: "We have started 2012 with excellent progress on infrastructure build out and encouraging drilling results where we continue to see productive sands as modelled.

He added: "We have completed significant infrastructure projects ahead of time and under budget, demonstrating our commitment to delivery of the goals set out at the IPO."

By 10:40 the stock had gained 1.9%.

BS