In Q1 RussNeft boosted its revenue by 13% according to IFRS
Moscow. In Q1 NK RussNeft’s (RTS: RUSN) revenue increased by 16.6% and made $1.4 bln, the Company said in a statement. OIBDA grew by 33.4% to $ 468 million. The debt of RussNeft has decreased from $ 5.061 billion to $ 4.957 billion.
In Q1 RussNeft has produced 4.558 million tons of crude oil, up to 6.4% over the same period in 2011. Gas production grew by 10.9% - up to 548.665 million cubic meters.
The outcome of RussNeft was discussed at the meeting of the Board of Directors on May 21. The Board of Directors also considered the agenda of the annual meeting of the Company.
During the meeting it was noted that some business plan targets were not met in Q1. In particular, there was deviation between actual and projected oil production performance, due to the lack of confirmation of geologic forecast for a number of fields in Khanty-Mansiysk Autonomous District and the Tomsk region, as well as adverse weather conditions in the Saratov region and the Ulyanovsk region from December 2011 to March 2012.
To reach the target figures, the Company has reconsidered the program of well interventions and drilling. In particular, additional drill footage is planned at Roslavlskoye, Zapadno-Varioganskoye, and Novo-Aganskoye fields, as well as in the Saratov and the Ulyanovsk regions.