Russia-focused junior oil firm Urals Energy reported Friday that recent surveys on its Arcticneft asset in northern Russia show it could increase production there significantly.
Urals said the results of passive seismic spectrometry and a separate micro-seismic survey carried out on the west block of Arcticneft, which is located on Kolguyev Island in the Barents Sea, show "the possibility of significantly increasing production at Arcticneft from the current horizons with limited capital and operational expenditure".
Urals said this production increase would be based upon five main trends of hydrocarbon potential as revealed by results of the surveys. The firm added that it continues to review the results of the surveys in more depth, including encouraging data on possible future deeper drilling sites at Arcticneft.
Meanwhile, Urals expects to conclude the drilling of Well No. 53 on its Petrosakh field within the next two weeks.
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