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.
Well 53 is the fourth development well drilled from well Pad 5 following the success of Exploration Well 50 in 2011.
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
"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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
