Volga Gas PLC Update On Well #101 Drilling (8130M)
02 August 2017 - 4:00PM
UK Regulatory
TIDMVGAS
RNS Number : 8130M
Volga Gas PLC
02 August 2017
2 August 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
UPDATE ON WELL #101 DRILLING
Volga Gas plc, the oil and gas exploration and production group
operating in the Volga Region of Russia, is pleased to provide the
following update on the drilling of its Uzen #101 horizontal oil
production well in the Uzen field.
As recently announced on 10 July 2017, the horizontal well #101
in the Company's Uzen oil field commenced drilling on 27 April
2017.
Drilling operations were concluded as anticipated on 28 July
2017 having completed a horizontal section of total length of 627
metres. Logging while drilling indicated a total productive zone in
the well of 506 metres, exhibiting average porosity of 32% and oil
saturation of 68%. The horizontal section of the well has been
lined and the productive zones have had water-swell packers
installed to maximise the well stability. After the packers have
become water swelled - within the next 30 days - production testing
of the well will commence.
Prior to drilling, the 2P reserves estimated within the Albian
reservoir of the Uzen field were approximately 1.9 million barrels.
Following the test results, the production potential of the well
can be determined.
Further announcements will be made on this well upon completion
of the production test.
Andrey Zozulya, Chief Executive of Volga Gas commented:
"I am pleased to have completed the drilling of the #101
horizontal well on Uzen within the estimated timeframe. This well
is one of a number of projects being undertaken by management to
maximise the potential of the Group's assets."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information, please contact:
Volga Gas plc
+7 495 721
Andrey Zozulya, Chief Executive 1233
Officer
Vadim Son, Chief Financial Officer +44 (0)7824
Tony Alves, Investor Relations Consultant 884 342
+44 (0)20 3470
S.P. Angel Corporate Finance LLP 0470
Richard Redmayne, Richard Morrison,
Richard Hail
+44 (0)20 3727
FTI Consulting 1000
Edward Westropp, Alex Beagley
Editors' notes:
Volga Gas is an independent oil and gas exploration and
production company operating in the Volga region of Russia. The
company has 100% interests in its four licence areas.
The information contained in this announcement has been reviewed
and verified by Mr. Andrey Zozulya, Director and Chief Executive
Officer of Volga Gas plc, for the purposes of the Guidance Note for
Mining, Oil and Gas companies issued by the London Stock Exchange
in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and
Engineering from the Groznensky Oil & Gas Institute and is a
member of the Society of Petroleum Engineers.
Glossary
bbl Barrel
bopd Barrels of oil per day
bpd Barrels per day
boepd Barrels of oil equivalent per day, in which 6,000 cubic
feet of natural gas is equated to one barrel of oil
mcf thousand cubic feet
mmcfd Millions of standard cubic feet per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
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