Interfax cited Mr Andrei Shegimago vice president for geology, development and resource use of Russneft as saying that Russneft plans to drill its first exploration well at a section in Mauritania in September to October of this year.

The company finished seismic surveys of 200 square kilometre area. The results are now being processed. He said that "We will build a geological model and specify the layer placement for the first well in a month and a half. We will drill it in September to October."

The company estimated resources at the Mauritanian section at 25 million tonnes of oil equivalent. Mr Shegimago said that resources at the section practically are equal to oil resources at the Shapshinskoye group of fields.

Russneft also finished seismic surveyed at another foreign project in Azerbaijan last months The total area came to 220 square kilometers. These results are also being processed. He said that “The scenario is the same as in Mauritania only with a slight shift at a month and a half or two months."

It was reported that Russneft acquired two sections in Mauritania in 2007. The company said in its 2008 financial report that it planned to sell these assets. However, company Chief Mr Mikhail Gutseriyev later said while in London that he would continue developing this project and injected around USD 160 million into it.

Source - Interfax

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