OIL producer Exillon Energy said it found oil at a Russian well, and would connect it to the existing production facilities following testing.
The London-listed company said it found 15.5 metres of net oil pay – referring to the zone of a reservoir that contains economically producible oil – at its EWS I-43 well in the south-eastern part of the East EWS I field in West Siberia.
“The well flowed water-free oil naturally to the surface with a flow rate of 595 barrels per day,” the company with assets in two oil-rich regions of northern Russia, Timan-Pechora and West Siberia, said in a statement.
Last month, the company found 7.3 metres of effective net oil pay at its EWS I-44 well in the same region.
The firm has drilled 15 wells in the region this year, and is building a connection to the Transneft pipeline, a state-owned project that sends oil from Siberia to the Baltics.
The firm said in August that its drilling efforts are well-funded, with a cash pile of $152.7m (£99m) following a new share issue in April.
Exillon shares, which have lost more than half their value over the last three months, shot up more than 22 per cent yesterday to 234p on the London Stock Exchange, valuing the firm at around £308.8m.
City A.M. Reporter