26th Oct 2009 07:00
26 October 2009
VOLGA GAS PLC
Grafovskaya #1 drilling update
Volga Gas Plc ("Volga Gas" or the "Company") is pleased to announce that drilling on the Grafovskaya #1 well, the Company's first deep sub-salt exploration well in its Karpenskiy Licence Area, is progressing ahead of drilling schedule. Having started on 28 August 2009 and set initial casing at 650 metres on 10 September, the well has been drilled through the main salt section and has reached a vertical depth of 3,950 meters after 54 days of drilling. Intermediate casing is currently being run ahead of drilling on towards the planned target depth of 5,400 metres.
The Grafovskaya #1 well is targeting two potential gas/condensate bearing prospects in the Yuzhny Ershovskoye structure, as explained in the Company's announcement of 28 August.
Mikhail Ivanov, Chief Executive of Volga Gas commented:
"We are very satisfied with the progress to date of drilling our first sub-salt exploration well, which is an important well for the Company. We look forward to providing updates on progress of this well as and when appropriate."
For additional information please contact:
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Volga Gas plc |
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Mikhail Ivanov, Chief Executive Officer |
+7 (495) 721 1233 |
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Tony Alves, Chief Financial Officer |
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Oriel Securities |
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Richard Crawley |
+44 (0)20 7710 7600 |
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Daniel Conti |
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Financial Dynamics |
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Billy Clegg |
+44 (0)20 7831 3113 |
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Ed Westropp |
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Alex Beagley |
Editors' notes:
Volga Gas is an independent oil and gas exploration and production company operating in the Volga region of European Russia. The company has 100% interests in its four licence areas.
The information contained in this announcement has been reviewed and verified by Mr. Mikhail Ivanov, Director and Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in March 2006. Mr. Mikhail Ivanov holds a M.S. Degree in Geophysics from Novosibirsk State University. He has also MBA degree from Kellogg School of Management (Northwestern University). He is a member of the Society of Petroleum Engineers.
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