Volga Gas plc, an oil and gas exploration and production group operating in the Volga Region of Russia, has commenced the drilling of an exploration well in its 100 percent owned Karpenskiy License Area in the Saratov Region of southern Russia.
The well is being drilled on the Yuzhno Mironovskaya prospect on a structure which could contain up to 22 million barrels of recoverable oil, according to internal estimates. As of December 4, the well had reached a total vertical depth of approximately 2,300 feet, with the main exploration targets at a depth of up to 3,280 feet. Drilling operations are expected to be completed within two weeks.
Andrey Zozulya, chief executive of Volga Gas, commented in a company statement:
"This exploration well is part of a strategy to build on the company's potential oil resources and to diversify the sources of revenue and cash flow. While there is no current certainty of success, the cost of the drilling is modest and is funded from the company's operating cash flow.
"Management's priority is, within the constraints of the existing environment, to maximize the potential of the group's assets and to seek further opportunities to add shareholder value."
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