Last week Selena Oil & Gas Holding AB reported on progress in the Company´s
strategy to establish production from Fedortsevskoye oil field, as well nr 24
reworking was completed and the well was successfully tested.
Since the production test, reported on May 7th, the Company has performed
measures to increase the flow rate of Well 24. The latest flow rate test
indicates that Well 24 has increased its flow and reached a capacity of 10
metric tons per day, which corresponds to approximately 70 bbl per day. After
starting production the Company expects to further increase the flow rate from
Well 24 and plans to perform additional measures and expect that this will take
up to 3-4 months.
Selena Oil & Gas Holding AB has secured necessary financing for the acquisition
and reworking of a second well located at the Fedortsevskoye oil field - Well
21. The preliminary time plan for Well 21 is the following:
• May: Completions of all legal aspects of the acquisition of Well 21;
• June: Commissioning of facilities and pipeline connection between Well 21
and the Fedortsevskoye production terminal;
• July: Production tests of Well 21.
• August: Start of production
Selena Oil & Gas Holding AB has plans to acquire and connect a third well in
the Fedortsevskoye field - Well 23. As the process involves complex legal
issues related to the acquisition of the well, the Company anticipates taking
Well 23 into production during the second half of 2014.
Lars Bergström, chairman of Selena Oil & Gas Holding AB has been visiting the
site of Well 24 and Well 21 on May 12-14th. The Company plans to publish
pictures from the visit on its homepage www.selenaoil.com within short.
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.
For further information, please contact:
Magnus Stuart, CEO
+46 706 211 350
Selena Oil & Gas Holding AB (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´s shares are
temporarily not publicly listed, but the Company observes all rules, practices
and policies for any company subject to public listing. Selena Oil & Gas
Holding AB are in process of seeking for a new listing. Mangold Fondkommission
serves as before as the company´s Adviser on public information.
