5th Nov 2015 10:48
LONDON (Alliance News) - Russia-focused oil and gas company Urals Energy PCL on Thursday said it has spudded Well 109 at the Petrosakh project as planned.
The well is expected to be completed in the first quarter of 2016 and further announcements will be made on its progress in due course.
"Following the success at Well 54 last month, we are pleased to be progressing the current drilling programme at Petrosakh as planned. Well 109 is part of a wider drilling programme aimed at optimising production from Petrosakh licence, with a view to developing Petrosakh's existing reserves," said Andrew Shrager, Urals Energy's chairman.
Urals shares were down 7.3% to 2.55 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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