Exillon Confirms Net Pay at ETP III Field
Exillon, with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), announced the results from well 76 on the southern part of the ETP III field.
ETP III - 76
The ETP III - 76 well was designed to test the southern part of the ETP III field and is the first well drilled in Timan-Pechora since the Company went public in December 2009.
The well flowed water-free oil naturally to the surface with a flow rate of 470 bbl/day on an 18 mm choke. The well encountered the Lower Silurian reservoir at 3,306 meters, confirming 15 meters of effective net oil pay within the reservoir. Based on the coring and logging results, the reservoir is represented by fractured and cavernous porosity, clay-carbonate sediments with permeable cracks in several intervals. Well testing results support the company's geological understanding of the ETP III field.
On completion of testing, the well will be connected up to existing production facilities. The rig will mobilize to drill well 7601 on the same structure with target completion in 1Q 2012.