Ruspetro is an oil and gas development business with 1.8 billion barrels of proved and probable reserves in Western Siberia, Russia. The Company has three contiguous oil and gas development licenses totaling 1,205 km2 on the Krasnoleninsky Arch hydrocarbon bearing formation in Western Siberia, a major oil producing region in Russia. As at 31 December, 2012 we had proved reserves of 234 million barrels of oil equivalent (‘boe’) and proved plus probable reserves of 1.838 billion boe. We produce and sell crude oil and gas condensate and produce petroleum gas as an associated product. The Company has its own metering station at the Transneft pipeline through which it can sell its crude oil to end-customers throughout Europe. The area in which we are situated has a well-developed infrastructure and an established service industry for hydrocarbon production. This includes Federal highways and the national rail network. The field has access to the local electricity grid and the in-field terrain and infrastructure allow for the year‑round production of oil.