PrimeGen Spuds Kochmesskoye Well at Timan-Pechora Project
PrimeGen announced that the Kochmesskoye well, which is the first of the previously announced multi-well development program, has commenced drilling at the Timan-Pechora project. The oil well is drilling ahead, and should reach the total depth within 10 days.
The Company expects results on oil pay zone intervals and will have a very good indication as to the commercial viability of the well and productive oil flow rates shortly thereafter. PrimeGen will update results as soon as further news becomes available.
The Timan-Pechora Project area currently consists of 24 existing production oil wells with close to one billion barrels and 132 BCF of proven reserves. A discovery well tested 5,589 BOPD from zone at 3,958-3,974 meters. Timan-Pechora region is 17 kilometers from Ukhta, a major town in the Republic of Komi. The oil plays are situated approximately 1,200 km from Moscow. Its surrounding areas have well established infrastructure, allowing all year access for field operations. Power lines and a major highway pass through the territory.
There is also a branch of the Transneft pipeline between Ukhta and Moscow that passes directly over the project. Additional transportation routes include a railway system, with the nearest terminal located close to Ukhta.
Company President and CEO Robert Charlton said, "The news from Timan-Pechora is very promising and we look forward to announcing what we believe will be positive results in the short term. PrimeGen is entering a growth phase and we look forward to turning our strategic aims into practical reality as expeditiously as possible."