Volga Gas Begins Drilling Karpenskiy License Area Exploration Well

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Airswift Launching 3 New Centers, Crea... (Jun 28)
 -  Rosneft Working As Usual Following Cyb... (Jun 28)
 -  Statoil Awards Services Contracts to 5... (Jun 28)
 -  Staff Engineering Proficiency Position... (Jun 27)
 -  IOG Welcomes OGA North Sea Tight Gas P... (Jun 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
CDL Drivers/Truck Drivers Needed!
Expertise: Motorman
Location: Shreveport, LA
 
Oilfield CDL Class A Drivers/Truck Drivers Needed!
Expertise: Motorman
Location: Atlanta, GA
 
Oilfield CDL Drivers/Truck Drivers Needed!
Expertise: Motorman
Location: Lansing, MI
 
search for more jobs

Brent Crude Oil : $46.65/BBL 1.78%
Light Crude Oil : $44.24/BBL 1.98%
Natural Gas : $3.04/MMBtu 0.33%
Updated in last 24 hours