Selena Oil & Gas Holding AB (Publ) announces successful initial production test from Well 24 on oilfield Fedortsovskoye

        Print
| Source: Selena Oil Gas Holding AB
multilang-release
Selena Oil & Gas Holding AB (publ) has on May 5th reached an important
milestone in its strategy to establish oil production by conducting a
production test of Well 24, located on the Fedortsevskoye oil field. The test
indicated that Well 24 has a minimum production capacity of 6 metric tons per
day, which corresponds to approximately 40 bbl per day. The Company estimates
that Well 24 has the capacity to reach a daily production in excess of 100 bbl
within four to six weeks, after performing planned measures to increase the
wells flow rate.


Selena Oil & Gas Holding AB has plans to start production from two additional
wells, Well 21 and Well 23, both located on the Fedortsevskoye oilfield. The
Company is preparing plans to finance the acquisition of these wells during the
second and third quarter of 2014. When those plans have materialized, Selena
Oil & Gas Holding AB anticipates reaching a daily production of around 250 bbl
from wells 21, 23 and 24.

Oilfield Fedortsevskoye holds estimated 2.8 million bbl of 1P and 6,6 million
bbl of 2P reserves, and has an estimated potential of reaching a daily
production of 1 500 bbl, when fully developed.

The Company will from now onwards resume publishing of its monthly production
reports.

 

For further information, please contact:

Magnus Stuart, CEO

+46 706 211 350

 

Selena Oil & Gas Holding AB (publ) (former Emitor Holding AB) is engaged in the
exploration, production and transportation of oil and gas in the Volga-Ural
region in the Russian Federation, around Perm. The company is listed on NASDAQ
OMX First North Premier in Stockholm under the ticker SOGH. Mangold
Fondkommission is the company´s Certified Adviser and liquidity provider,
telephone +46 8-503 015 50.