PetroNeft Resources plc provides an update on the approval of its reserves by Russian State Authorities.
Highlights
• Russian approved C1 + C2 oil reserves increase by 27% to 95 million barrels recoverable
• The State Committee for Reserves of the Russian Ministry of Natural Resources has approved the reserves and official registration of newly discovered “Kondrashevskoye” oil field, formerly known as Korchegskaya
• Russian C1 + C2 reserves for Kondrashevskoye are 19.08 million bbls
• Ryder Scott is currently updating PetroNeft’s SPE reserves for year end 2008
Approved Russian Reserves
The State Committee for Reserves in Moscow has certified the “Kondrashevskoye” Russian Reserves. “Kondrashevskoye” oil field was formally the “Korchegskaya” prospect and has been renamed and registered in honour of pioneering Russian Geologist Vladimir Kondrashov who was instrumental in the exploration of Western Siberia.
The Lineynoye reserves were updated for recent drilling results while Tungolskoye reserves remain unchanged. Lineynoye C1 reserves have increased from 6.12 million bbls to 13.41 million bbls.
Ryder Scott is currently updating PetroNeft’s year end reserves which will include the new field discovery at Kondrashevskoye. The new Ryder Scott report will also include potentially significant possible reserves associated with the Lower to Middle Jurassic sequence as identified at West Korchegskaya and Cretaceous sequence as identified and tested in the Kiev-Eganskoye field in adjacent Block 80 to the east of the Traverskaya prospect in Licence 61.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented:
“The registration of new reserves is an important step in the Russian compliance process and we are pleased with the outcome. While there has been a lot of effort involved in the reserve calculation it has been a smooth process thanks again to our Tomsk staff and local contractors.”