Volga Gas is currently drilling an exploration well in its 100% owned Karpenskiy Licence Area in the Saratov Region of southern Russia.
The well is being drilled on the Yuzhno Mironovskaya prospect on a structure that is expected to be prospective for oil. Based on internal estimates, the target structure is considered to have the potential to contain up to 3 million tonnes (approximately 22 million barrels) of recoverable oil.
As of 4 December 2015, the well had reached a total vertical depth of approximately 700 metres, with the main exploration targets at a depth of up to 1,000 metres, being zones in the Cretaceous post salt Albian and Aptian formations which are productive in the Company's nearby Uzen oilfield. Core samples are planned to be taken when the well has reached potential reservoir. Drilling operations are expected to be completed within two weeks.