18th Mar 2015 09:24
LONDON (Alliance News) - Russia-focused oil and gas explorer Urals Energy PCL on Wednesday said the workover on the ArcticNeft prospect is continuing and said the Petrosakh refinery is operating at full capacity, despite mechanical problems at the project.
Urals said the workover on well 546 at Arcticneft is continuing, with a 30% increase in flow rate from the well to 79 barrels of oil per day. Wells 547 and 548 have both been temporarily shut down in order to allow for changes to the pumps, Urals said.
The company said the refinery at the Petrosakh project is being operated on a manual basis at present until the installation of new control equipment is completed, which is scheduled to happen in May.
The refinery is operating at full capacity in the meantime, Urals said, with an increase in diesel refining at the expense of fuel oil.
Urals also said the company has experienced mechanical problems in the drilling of well 112, with damage caused to the column casing. It has decided to drill a side track from a depth of 815 meters as a result of the damage.
Urals shares were down 7.0% to 2.789 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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