Volga readies to drill Russian oil and gas well

Source: Volga Gas

Russia’s State Committee for Resources has approved a new C3 prospective resource estimates for a new supra-salt prospect in Volga Gas’s Precaspian Licence Area. The new resources add approximately 58 million barrels of oil equivalent to the Company's Russian C3 resources. 

On July 29, 2011, the Volga received notification that a well passport has been approved for a new exploration well, called Mirnaya, in the Precaspian Licence Area. 

The C3 prospective resources in Mirnaya comprise two separate horizons of Jurassic and Triassic age which contain cumulatively unrisked resources of 7.4 million tonnes (54 mmbbl) of recoverable oil plus 0.7 billion cubic metres (26 bcf) of associated gas. These resources are within a depth of 1,220 metres. 

Volga Gas has commenced the process of planning for an exploration well to test these potential resources and drilling operations are expected to commence before the end of 2011. An exploration well to test these C3 resources is estimated to cost approximately $1.5 million.

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