Petrom, the largest oil and gas producer in South-East Europe has reported both gas and oil discoveries in the exploration well Lugovaya. The well is located in Kamenski license in the Saratov region (Russia).

Lugovaya-1well was tested and flowed from a hole test conducted at 3,882 m depth. The first tests are very encouraging, revealing a flow rate of over 2,500 bbl/d light sweet oil in one zone and two gas-bearing formations flowed combined 550,000 cm/d sweet gas as well as 75 cm/d condensate (4,000 boe/d).

“The exploration success and especially the well’s capability of flowing at such high rate are very encouraging and confirm the concepts developed together with our peers in Russia, by a mixed team of geologists”, said Johann Pleininger member of Petrom Executive Board, responsible for Exploration and Production Division.

Petrom started operating in Russia in 2006, after the acquisition of 74.9% equity in Ring Oil Holding & Trading Ltd, and jointly conducted exploration operations with the minority shareholder of eight blocks in Saratov region, located 1,000 km Southeast of Moscow and in the area of Komi, 1,200 km Northeast of Moscow.