Urals up on Petrosakh pay

Urals Energy

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Eoin O'Cinneide

 04 July 2012 07:18 GMT

Shares in Russia’s Urals Energy have ballooned after the company began producing at one of its wells in Far Eastern Sakhalin Island.

The independent is also locked in discussions with “several respected oil service companies” about breathing new life into its abandoned number 51 well on the Petrosakh field.

Urals has completed the number 4 well on the same field and is now producing 180 barrels per day from the well. This has pushed total production at Petrosakh to 1429 bpd.

The London-listed company is also “considering recommendations” from numerous unidentified players about restarting operations at 51 well which was abandoned “due to difficult drilling conditions”.

Urals suspended drilling on well 51 at Petrosakh is September 2011 after encountering difficult geological conditions while…

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