• Subsurface review and field development plan
• Design and implementation of horizontal multistage fractured wells
• Bazhenov shale delineation

The Schlumberger team will work alongside Ruspetro’s technical team in our 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 our subsurface model will allow us 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. The partnership will enable Ruspetro to benefit from Schlumberger’s knowledge and experience of tight oil best practices from around the world, including horizontal wells, multistage fracture completions and joint supervision of operations. 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.

Tom Reed, Acting Chief Executive Officer, commented: “Schlumberger are recognized as one of the leading companies in the world in tight oil field development. We expect this partnership to give Ruspetro the technical tools and sub-surface understanding required to maximize production rates, expected ultimate recovery of oil and, therefore, investment efficiency per well.”