Caspian Sea-focused oil and gas giant Dragon Oil has announced successful initial testing at the latest well of its Dzheitune field, off the cost of Turkmenistan.
It said the combined rate of initial production was 3,396 barrels of oil per day (bopd) at the C/167 well.
The well was completed as a dual producer to a depth of 2,765 metres, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It tested for initial production at 1,682 barrels of oil per day at the short string with the long string testing at 1,714 barrels of oil per day.
"The drilling results together with logs and pressure tests indicate that the prolific oil bearing sands in the reservoirs under the Dzheitune (Lam) 28 platform extend to the west towards the Dzheitune (Lam) C platform location," said Chief Executive Dr Abdul Jaleel Al Khalifa.
"The findings from this well further prove our understanding of the Dzheitune (Lam) West area."
In January the firm said it saw "great potential" in the Dzheitune field and reported its year-end production rate was 71,751 bopd, ahead of the 70,000bopd target.
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
