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Sibir spuds Russian well

Created:
10 April 2008
Updated:
19 July 2008
Written by:
Martin Li

Sibir has spudded the second of seven exploration wells scheduled for 2008 on its Koltogorsky exploration licences in Siberia. Four drilling rigs have been mobilised with a fifth planned for the end of April. Infrastructure development continues and Sibir expects to test the well later this month, with results helping to direct future exploration strategy.

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With production coming in from the Salym field and new exploration prospects such as Koltogorsky, Sibir is now unrecognisable from the downstream-focused company it was just a few yearsa go.

SHARE TIP UPDATE:

Buy

The shares have responded, too. At 580p, they're up 33 per cent from our buy recommendation (433p, 26 June 2007), and with steady exploration progress, they remain a buy.

For more share tip updates, see www.investorschronicle.co.uk/Tips

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