The Kadzherom exploration discovery previously announced is undergoing long term testing to determine reservoir continuity and productivity. A decision on a further development program will be made once this testing information has been obtained.
A 3D seismic program is currently being acquired to infill those portions of the field not covered by the previous 3D survey conducted last year. This survey will assist in identifying areas of porous reservoir for the upcoming development drilling campaign. It is planned to drill 12 additional development wells, including at least 2 horizontal wells, to significantly raise field production levels.
Valkyries President and CEO, Keith Hill, stated, "We are pleased to see the first development drilling successes in Russia and will continue to aggressively pursue production acceleration from this field. We feel there is a large amount of upside in the field which the 3D seismic should help us to develop."
Valkyries has a 50% interest in the Pechoraneftagas project.
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