Press Releases

Production report for July 2013

12.08.2013

 Press release, August 12th, 2013 

 Production report for July

This report on production for Selena Oil & Gas Holding AB (publ) is released with consolidation of its subsidiaries, including OOO Selena-Perm. 

The production in July 2013 amounted to 3.7 Mbbl(1), corresponding to an adjusted average production per day of 277 bbl(2), which is a decrease of 12.5% as compared to the average daily production level in 2012 (317).  

As July is the last month when oilfields Visakovskoye, Dubroviskoye and Azinskoye are consolidated in Selena Oil & Gas Holding, the company’s production of crude oil will henceforth discontinue temporarily. Future production reporting will reflect the progress in the company’s investment strategy and subsequent drilling program. Following the restructuring of assets in OOO Selena Perm, Visakovskoye oilfield was disposed on July 4th and Dubroviskoye and Azinskoye oilfields were disposed on July 22nd.

The company will continue focus on activities to develop Borkmosskoye,Fedortsovskoye and Kulighinskoye oil fields. These oilfields hold several temporary abandoned oil wells. The oil wells were drilled and documented as oil discoveries, often more than 25 years ago. Immediately at the time of drilling, wells were carefully sealed pending a subsequent decision to start production.

Selena Oil & Gas regards the reworking of the wells as an opportunity to achieve production with limited investments. Activities are under way to organizing all contractual aspects to obtain official permission to start production from these wells. 

Selena Oil and Gas Holding expect to present details as to investment strategies and drilling plans within a few months.The company’s monthly reporting of production will henceforth be published on the 5th, of each month or on subsequent Monday and will also seek to clarify the progress in drilling and prospective activities.

(1)Mbbl – 1000 barrels
(2)bbl – barrel

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 production and transportation of oil and gas in the Volga-Ural region in the Russian Federation, including Perm and Udmurtia. 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. 

 

 

Click here to download report in PDF format

 


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