PrimeGen Energy advised that the drilling operator at the previously announced Timan-Pechora Project has reported that the drilling of Kochmesskoye # 6 well which began on September 25, 2009 has reached total target depth on October 02, 2009.
Testing of any potentially productive oil bearing zones has been initiated. The Company will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated by the end of the week. Individual wells are also drilling more quickly than originally projected. As part of the accelerated drilling program, a seventh well is scheduled for immediate drilling shortly after the results of the sixth well are announced.
"Our strategy now is to use the cash flow generated from production to progress those projects with the potential to provide the quickest returns," commented Robert Charlton, CEO of PrimeGen Energy Corp.
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