West Siberian's proven oilreserves increased by 48%
In 2007, West Siberian Resources Ltd successful exploration and
development program added net proven and probable oil reserves of 64.8
million barrels. The net proven oil reserves increased by 48 per cent to
162.9 million barrels. Proven and probable (2P) reserves increased by
18 per cent to 361.0 million barrels. The increase in 2P reserves
represents an internal reserve replacement ratio of 609 per cent. 3P
reserves (proven, probable and possible) increased to 487.0 million
barrels (443.9) million barrels.
West Siberian's oil reserves have been revised following a recent
independent reserve appraisal conducted byDeGolyer and MacNaughton, in
accordance with reserve definitions consistent with those approved in
March 1997 by Society of Petroleum Engineers (SPE). DeGolyer and
MacNaughton is a leading international petroleum consulting firm with an
extensive reserve estimation practice in Russia.
Since last years reserve report, proven and probable oil reserves of
64.8 million barrels were added through exploration and development
drilling as well as reserve revisions. Including the possible category,
total oil reserves increased by 12 per cent to 487.0 million barrels.
The increase in 2P reserves of 64.8 million barrels indicates that 609
per cent of the total 2007 oil production of 10.6 million barrels was
replaced.
Oil reserves increased in all operating regions with the Timano Pechora
region accounting for the largest increases. In 2008, exploration wells
will be drilled at the North Kharyaga, Lek-Kharyaga and Kolvinskoye
fields in Timano-Pechora and at the Ivanikhinskoye, Solnechnoye,
Kovalevskoye fields in the Volga-Urals region.
The reserve appraisal does not reflect the pending merger with Alliance
Oil Company which will add additional 2P SPE-reserves of 123.3 million
barrels and 3P-reserves of 157.1 million barrels according to Miller and
Lents.
SPE Classification
'000 bbl Proved Probable Possible Total 3P
Tomsk region 21,570 48,147 10,007 79,724
oil fields
Timano-
Pechora 125,096 135,637 112,477 373,210
region oil
fields
Volga-Urals
region oil 16,217 14,296 3,574 34,087
fields
Total oil 162,883 198,080 126,058 487,021
reserves
For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel.
+7 495 956 48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
West Siberian Resources Ltd is an independent oil company active in
Russia. West Siberian's depository receipts are traded at the Stockholm
Stock Exchange under the symbol WSIB.
