Newly Listed FTSE 250 Company is "Poised to Grow Production" Says RusPetro CEO in Video Interview
LONDON, April 19, 2012 /PRNewswire/ --
FTSE 250 recent joiner RusPetro, an independent oil & gas development and production company with assets in Russia, has today held a Capital Markets Day following their 2011 results announcement.
In a video interview with online financial broadcaster http://www.Cantos.com, Don Wolcott, RusPetro CEO, discusses the progress made since IPO, the potential for production growth and the company's future plans.
Dr Wolcott states that since IPO at the beginning of the year, RusPetro has "put in some very key infrastructure which has given [them] the ability to push costs down to be a competitive low cost operator."
CFO Tom Reed comments on the restructuring of the company's debt and reduction of OpEx. Referring to the location of RusPetro's activities in Western Siberia, one of the largest oil producing regions in the Russian Federation, Mr Reed affirms that "costs in Russia are actually relatively modest if you control them directly and accurately yourself."
Looking ahead, RusPetro's aim is to "be the low cost producer in Russia as well as harvest the prize, which is to get to that 300,000 barrels a day," states Dr Wolcott, referring to the estimated peak rate achievable from the company's reserves.
For more information and to hear an audio webcast of the company's Capital Markets Day presentation, visit http://www.cantos.com/company/RusPetro.
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