Volga Gas announced that drilling has commenced on Grafovskaya #1, the Company's first deep sub-salt exploration well in its Karpenskiy License Area, which is targeting two potential gas/condensate bearing prospects in the Yuzhny Ershovskoye structure.
The well will intersect two separate potential gas/condensate targets at different depths on which Russian C3 prospective resources have been filed as follows:
"Success with this well will be transformational for the business and, added to our existing production, appraisal and exploration portfolio, will firmly establish Volga Gas as a significant operator in the region.
"The management is highly appreciative of the support shown by shareholders in the recent Placing of new shares that enabled us to bring forward the drilling of the Grafovskaya #1 well. We look forward to providing updates on the progress of this well as and when appropriate."
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