Volga Gas, operating in the Volga Region of Russia, reported that the reserves at the Uzenskoye oil field may be downgraded and will further reassess the new data derived from the well.

A sidetrack on the Uzaenskoye #9 well on the flank of the oil field, was drilled and successfully intersected a section of the main Aptian reservoir updip from the original bottom hole location.

When put on production, the well flowed water, indicating that the oil:water contact in the field has migrated to a higher elevation than estimated, which could likely impact the remaining recoverable reserves on the Uzenskoye field.

The company said it was disappointed not to have increased production from the Uzenskoye field which currently represents 18% of the Group’s reserves.

The company said production remains steady from the existing producing wells in the Uzenskoye oil field, from which production is currently running at about 1,050 barrels of oil per day, in line with expectations.

The Yu. Romanovskaya #1 exploration well in the Urozhainoye-2 licence area has reached a depth of 3,835m and drilling is continuing to target depth of 4,000m.