Ruspetro has completed the first ten-day flow test at its first multi-stage fractured horizontal well at the Pottymski-Inginsky licence area in Russia.

The company placed three large fractures in the 600m horizontal section of Well 214 at the site.

Following the initial clean-up, the well produced an average rate of 1,350bpd over the test period.

The watercut on the test period was around 50% but the company said this is steadily declining, allowing for the optimisation of the performance of the electrical submersible pump.

Well 214 is already connected to Ruspetro’s production infrastructure and has been materially contributing to sales volumes since early July 2014.

"The production performance of our first horizontal well is encouraging."

The company said average production in the second quarter of 2014 was 3,235bpd prior to Well 214 being brought into operation.

Ruspetro is in the process of drilling its second well, Well 251, within its current campaign and anticipates completing the work by early September 2014.

The company will use NCS Energy Services’ completion system on Well 251, allowing for more customised fractures to be placed along the horizontal wellbore than current completion technology available in Russia.

Ruspetro CEO John Conlin said: "The production performance of our first horizontal well is encouraging.

"Equally exciting is the introduction of innovative yet proven completion technologies into our operations, which we believe will make a positive contribution to value creation for our shareholders."

Ruspetro’s assets are located in the established oil producing province in western Siberia.

The company’s three license blocks cover 1,205km² and contain more than 1.8 billion barrels of proven and probable reserves.