Exillon Energy, the Russia-focused oil company, has said the East EWSI-571 well in West Siberia has confirmed 17.8 metres of effective vertical net pay.
Due to the angled trajectory of the well bore, this exposed 30.6 metres of effective net oil pay for production, the firm said. The well flowed water-free oil naturally to the surface, with a test flow rate of 882 barrels/day on an 8.0mm choke.
The well is the fifth development to be drilled in the area, with all of them giving consistent results.
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
"They have thicker than expected net pays, confirmed a highly permeable reservoir and none has discovered an oil water contact, proving a wider and thicker area of high quality reservoir across the northern extension of East EWS I. All five wells are currently flowing naturally, without pumps," the company said.
The share price rose 1.26% to 140.75p by 11:49.
NR
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
