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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
