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.
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.
-
Rail fares could spike by 5.8% next year – how to save on train travelJuly’s RPI inflation reading tends to determine rail fare hikes in the following year. We look at how much your train tickets could cost, and how to save money
-
'Governments are launching an assault on the independence of central banks'Opinion Say goodbye to the era of central bank orthodoxy and hello to the new era of central bank dependency, says Jeremy McKeown
