Volga Gas, which currently holds four subsoil licenses in the Volga Region of European Russia, has provided an update on supra-salt activities drilling in its Karpenskiy License Area.
Uzenskaya Reserves Classification
Russian category C1 and C2 recoverable reserves have been calculated following the results of Uz#3 and Uz#4 wells and approved at State Reserves Committee as follows:
Crude Oil Reserves
Uzenskaya Drilling Update
Well Uzenskaya#6 was spudded in February 2009 targeting the principal Cretaceous reservoir, which is productive in the Uz#3, Uz#4 and Uz#5 wells. The well has reached its target depth of 1,100 meters without encountering the anticipated reservoir. Testing of other layers is ongoing.
Meanwhile the Uzenskaya#7 exploration well was spudded in March and is expected to complete during April. The well is being drilled on the East Uzenskaya prospect on a location approximately 7km east of the main Uzenskaya field processing facilities.
Mikhail Ivanov, Chief Executive of Volga Gas commented, "Following three very successful well results on the Uzenskaya field, all of which are now in production and producing at a daily rate of 1,200 barrels of oil per day; Uz#6 was clearly a disappointment, however, we do not expect the well result to have a significant impact on the reserves reported today.
"The Russian C1/C2 reserve classification we have been given reflect principally the success with the Uz#3 and Uz#4 wells. We are hopeful that the Uz#5 well will convert some of the C2 reserves into C1 reserves."
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