StockMarketWire.com - Russia-focused oil company Volga Gas said it planned to drill six exploration well before the end of the year.

Each well would test separate structures with potential recoverable oil, estimated by management, of 0.3m-to-8.1m barrels.

The combined un-risked resources in the prospects was estimated at about 14m barrels.

Drilling was current;y underway on the first of the wells, at the North-Uzen structure.

The well was at a depth of 1,250 metres and was planned to reach its final target at a depth of 1,350 metres, after which open hole testing would be attempted.

'In light of the significant reduction in commodity prices experienced during first-half of 2020, the board of Volga Gas decided to reduce capital expenditures on its gas and condensate fields,' the company said.

'As such, investments in the VM and Dobrinskoye fields have been adjusted to minimal levels required to maintain operational integrity.'

'In particular, earlier plans to drill two new VM wells have been deferred for the time being.'

'The focus of investment during 2020 has been on a continuation of the slim hole drilling programme, which commenced during 2019, within the oil resources in and around the group's Uzen field in the Karpenskiy licence area.'






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