(Alliance News) - Volga Gas PLC has kicked off drilling three wells in the North-Uzen structure, the Russia-focused oil & gas firm said on Friday.
Volga plans to drill six exploratory wells between now and the end of 2020.
"The combined unrisked resources in these prospects are estimated by management to total approximately 14 million barrels," the company said.
Volga said it has cut capital expenditure in the first half due to sharp commodity price falls.
Shares in the company were untraded at 23.25 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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