Petrosibir and Shelton Canada Corp. reported that since the announcements concerning the intended business combination on July 15, 2009 and October 1, 2009, Petrosibir has completed the drilling of the second of two exploration wells in its Rustamovskoye field in the Russian republic of Bashkiria. Oil and gas have been found also in the second well. A recently completed drill stem test in the second well indicated an extrapolated well flow rate of 700 barrels per day.
The second well was drilled to a final depth of 2 440 meters. Core samples and an extensive program of logs have confirmed the presence of one gas interval and multiple oil intervals. An extrapolation of a recently completed shorter open hole drill stem test indicated a well flow rate corresponding to 700 barrels of oil per day from the Kynovsko-Pashysky horizon of the Devonian period. The well has now been cased, and Petrosibir will commence with a test program during 2009. The tests will provide additional information about the flow rates and the characteristics of the reservoir.
"It's gratifying to have found oil and gas also in our second well. Long-term production from this well will likely be below the measured well flow rate, but we can say already that the test results surpass our expectations and indicate excellent reservoir qualities," said Robert Karlsson, CEO of Petrosibir.
Petrosibir is in the final phase of the Rustamovskoye exploration program. Petrosibir has found oil and gas with commercial well flow rates and plans to initiate oil production during 2010. Once production has begun, the company will have a balanced portfolio of cash flow-generating oil production from Rustamovskoye and exploration operations in the recently-awarded Aysky license block.
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