23rd Jul 2015 09:03
LONDON (Alliance News) - Urals Energy PCL Thursday said production increased in the first half of 2015 and said it has begun drilling the Well 54 on the Okruzhnoye field.
The independent exploration and production company with operations in Russia said production in the first half of 2015 from its wholly-owned Articneft subsidiary, which covers the Peschanoozerskoye field on Kolguyev Island in the Barents Sea, produced 124,697 barrels of oil which is up almost 5% from a year earlier.
Current average daily production from Articneft is 725 barrels of oil per day, up from 690 barrels of oil per day at the same point last year.
Its Petrosakh subsidiary, which covers the Okruzhnoye field on the Eastern coast of Sakhalin Island, has begun drilling Well 94 as planned, and the company said well testing is expected to begin before the end of September.
Urals shares were up 15% to 3.30 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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