In an update to the market, the company, which operates in the Tomsk Oblast in Russia, said the well has shown virtually no decline since the start of production.
- The production from the Cheremshanskoye field is extremely encouraging, and clearly demonstrates the quality and potential of this asset
- It is satisfying to now have a cased hole test at the Ledovoye field
- This successful re-entry crucially enables us to be able to seek State Reserves Committee approval – a major necessary milestone before we can progress development of the field
Those arrangements remain in place for the future.
- While we remain at the early stages of rebuilding, this achievement is a tangible demonstration of our improved financial position over the last 12 months
- This progress has been based on a laser-like focus on reducing costs and harnessing local expertise to maximise the return from our assets
- This approach will continue in the months ahead