8th May 2014 13:55
LONDON (Alliance News) - Zoltav Resources Inc Wednesday said it has completed seismic studies and has re-entered two wells at the Koltogor Licence in Western Siberia.
The oil and gas exploration and development company said it completed a programme to acquire 466 square kilometres of 3D seismic data and 71 kilometres of 2D seismic data across its Koltogor Licence on April 21.
The programme was carried out by GEOTECH Holding and its objective is to better understand the characteristics of the Koltogor oil field in order to assist the company in its field development plan.
Zoltav said the data is now being processed and the results will determine its appraisal drilling programme for the 2015 and 2016 drilling season.
The company also said that it recently re-entered Well 141 at the field and it flowed roughly 101 barrels of oil per day from its upper Jurassic formation, which the company says confirms the commerciality of the field.
Zoltav also re-entered Well 103and discovered oil in its upper Jurassic formation which flowed roughly 21 barrels per day. It noted that it also recovered oil from the well's Bazhenov shale formation, demonstrating the potential of this region.
In addition, the company said it received a a free extension of its Koltogor 10 licence and can now operate on the region until the end of 2015.
Zoltav Resources shares last traded at 103.45 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ZOL.L