LONDON (SHARECAST) - 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.
"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%.