Exillon Energy, the Russia focused oil company, has announced a successful well dig at its West Siberian operations.
Well East EWS I - 53 was spudded on July 19th 2012 and drilled and cemented in 24 days. It encountered the reservoir at 1,875 metres, confirming 20.3 metres of oil. The well is now connected to Exillon's existing production facilities.
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
"All five wells have shown consistent results. 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 disclosed.
The news has seen the stock rise 7.8% in Thursday morning trading although since the beginning of the year Exillon shares are still down 49.5%.
BS
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
