14th Oct 2015 09:47
LONDON (Alliance News) - Urals Energy PCL Wednesday said its latest well at the Petrosakh project in Russia is flowing oil, pushing up overall production from the project by over 34% since the first half of 2015.
The oil and gas company said production testing well 54 at the Petrosakh project in Russia is flowing at a rate of 350 barrels of oil per day, which has pushed total production from Petrosakh to 1,464 barrels per day compared to an average of 1,088 barrels per day in the first half of 2015, representing a 34.5% increase.
The company is in the process of demobilising the drilling rig and this will be moved to the site of Well 109, which is expected to be spudded at the beginning of November 2015.
At its other Russian operation, Articneft, Urals said production currently stands at 687 barrels of oil per day, which is a slight drop from the 689 barrels per day achieved in the first half of 2015.
In August, Articneft production managed to achieve a higher average production rate of 716 barrels of oil per day, but the company said production from two well have been suspended to allow workovers to be conducted, meaning production will be temporarily lower than that August figure.
Urals did not state how much those well workovers will affect production whilst they are suspended or once they come back online.
Urals shares were up 5.5% to 2.90 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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