News

Volga Gas well beats expectations

04 July 2007 08:01:00

Gas exploration and production outfit Volga Gas said testing at the Uzenskaya No. 1 oil discovery on the Karpenskiy licence area in Russia showed production rates above expectations.

It said the well will be brought into production following the receipt of permissions from regional authorities.

First revenue from the field is expected in the fourth quarter of 2007, although bosses don't expect production rates to be as high as encountered during the drillstem test.

Uzenskaya No. 1 was tested over a 10 meter interval between 975 and 985 meters and flowed 2,5 cubic meters of oil, equivalent to 125 cubic meters a day or 788 barrels of oil per day.

The rig is now moving to a new location to drill the second well on this field, which is expected to be
spudded by the end of July.

"We are working hard to produce first revenue from the shallow Uzenskaya field, whilst focusing on the more interesting deep structures in the north of the Karpenskiy license area," said Volga CEO Mikhail Ivanov.

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