RusPetro doubles proven, probable hydrocarbon reserves in 2011
MOSCOW. April 19 (Interfax) - RusPetro, an independent oil company with assets in Russia's Khanty-Mansiisk Autonomous District, doubled its 2P (proven and probable) hydrocarbon reserves to 1.437 billion barrels of oil equivalent (boe) in 2011, the company said in its financial report.
According to an appraisal by independent auditor DeGolyer & MacNaughton, RusPetro's 3P (proven, probably and possible) reserves were estimated at 2.1 billion boe as of the end of last year.
After the reporting period was completed, 2P reserves were up by 7% to 1.545 billion barrels, RusPetro said.
Average daily production jumped 2.4-fold in 2011 to 2,470 barrels. Production is currently at 4,600 barrels per day. This year, RusPetro expects to reach 10,400 barrels a day.
RusPetro's revenue skyrocketed 209% to $38.7 million last year, while earnings before taxes, depreciation and amortization (EBITDA) were $-5.5 million, compared to $-6.3 million a year before. The company posted a net loss of $85 million last year, up 1.7-fold. Net debt stood at $405 million at the end of 2011.
Capex rose 14% to $32 million, with the average production well costing $1.6 million. For 2012, capex is planned at $96.6 million.
This year, RusPetro will finish building a 27-kilometer pipeline linking its central processor with Transneft's trunk pipeline, "ahead of schedule and under budget," the report said. The company will also finish up a 4-MW power station for utilizing associated gas, "also ahead of schedule and under budget."
RusPetro owns licenses for the East Inga and Pottymsko-Inga sections through its subsidiary OJSC INGA, as well as a license for the Palyanovsky section at the Krasnoleninskoye gas and condensate field in the Khanty-Mansiisk Autonomous District through OJSC Trans-oil. These assets previously belonged to Itera .
In January of last year, RusPetro conducted an initial public offering (IPO) in London, as a result of which it raised $240 million. At the moment, the company's largest shareholder is the company Limolines (29.7% of shares), and according to the media, its beneficiaries are En+ Group's General Director Andrei Likhachev and Deputy General Director of OJSC Federal Grid Company UES Valery Chistyakov. Another 18.4% of RusPetro's shares belong to the company's management, and 40% of shares are in free float.