Petrogrand on Schedule to Spud Russian Well in Late Feb

Petrogrand, the Swedish oil firm that is focused on exploration in Russia, reported Monday that it is on schedule to spud its first well in the second half of February.

The firm has licenses in the Nizhnepaninsky and Muromsky areas of the Tomsk region of central Russia. It said that the construction of winter roads, required to reach its drilling locations, had progressed according to plan and that mobilization of the drilling equipment has begun.
The Nizhnepaninsky license area covers 590 square miles (1,533 square kilometers), and Petrogrand estimates that resources on the license amount to around 343 million barrels of oil equivalent.
The Muromsky-2 license area covers 435 square miles (1,125 square kilometers). The Russian State Committee for Natural Resources believes reserves are approximately 290 Mboe.
Petrogrand plans to drill two wells at Nizhnepaninsky and one at Muromsky during 2012, with the cost for these three wells expected to amount to $17 million (SEK115 million).
The firm also announced Monday that it has decided to shoot around 220 miles (350 kilometers) of additional seismic on the Muromsky-2 license area during the first half of 2012.


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