Aladdin Oil & Gas Company ASA has reactivated well #61 in Nikiferovskoye license with current oil production of about 150 bopd. This is the third of total 4 wells to be reactivated in this license.

In the recent acquired Nikiferovskoye license, well #61 has been reactivated and put on production. Well #61 is the third of total 4 wells to be reactivated on the license. Current oil production is about 150 bopd with no artificial lift. However, production tests indicate higher production capacity of about 250 to 300 bopd. A well pump has been ordered and will be installed to optimise the well potential.

AOGC has already initiated work to reactivate the fourth well in this reactivation program of total 4 wells. The Program will be completed in 4 Quarter this year. AOGC’s oil production from the Orenburg region is about 250 bopd from 3 wells.

Our subsidiary company, Orneftegaz in Orenburg, has an estimated “break-even” cost (EBITDA) of about 200 bopd assuming current oil price.

Booked 2 P reserves on Nikiferovskoye is 7,4 MMbbl of oil.

For more information, please contact:
Managing Director Pål Nedrelid (+47 906 08 168)

Aladdin Oil & Gas Company ASA is a Norwegian based exploration and production company, head quartered in Oslo, with its shares traded on the OTC list under the ticker code AOGC. The company owns the Russian oil company OOO Geotechnologia which holds two licenses in the Timan-Pechora province in Northwest Russia, as well as 6 licenses through our companies ZAO Orneftegaz and OOO Veselovskoye in the Orenburg area.