According to new seismic data covering the North and Central part of
Malka Oil's license block eleven potential oil bearing structures
have been identified, including earlier mentioned seven undrilled
structures and four new. The report indicates additional potential
resources of 673 million barrels.
After two seasons of seismic data gathering and interpretation,
Sibneftegeofizika, a reputable Siberian oil service company has
presented a seismic report covering Malka Oil's license block nr 87
in the Tomsk region. The report is based upon more than 1,000 km of
2D-seismic that has been shot during the winter seasons 2006-2007 and
2007-2008 as well as on 6,000 km of 2D-seismic lines from previous
year's surveys within the license block and adjacent areas. This new
report demonstrates four new potential oil bearing structures in
addition to the seven communicated earlier. An estimate of the
possible resources is listed in the table below:
Structure Resources
(mmbbl)
1 Myginskaya 224,0
2 Vostochno-Myginskaya 1 155,7
3 Vostochno-Myginskaya 2 92,6
4 Bezimyannaya 7,4
5 Verhne-Shinginskaya 21,5
6 Severo-Shinginskaya 54,4
7 Zapadno-Shinginskaya 15,5
8 Yuzhno-Shinginskaya 53,8
9 Zapadno-Releinaya 9,7
10 Releinaya 6,1
11 Nezhdannyi mys 32,9
Total 673
Prospective Resources in category D1 according to the Russian
Federation State Reserves Committee (GKZ): Category D1 resources are
calculated based on the results the region's geological, geophysical
and geochemical research and by analogy with explored fields within
the region being evaluated. Category D1 resources are reserves in
lithological and stratigraphic series that are evaluated within the
boundaries of large regional structures confirmed to contain
commercial reserves of oil and natural gas.
The data will later be submitted to the American petroleum
consultancy company DeGolyer and MacNaughton (D&M) for further
evaluation and inclusion in a planned Competent Person's Report
(CPR).
The development potential on the license block is now confirmed by an
external source and more detailed studies will determine which area
that will be the first priority for development i.e. drilling and
subsequent commercialization.
Overview of Malka's license block nr 87 in Tomsk region. New groups
of structures are marked with red, blue and light blue circles and
indicate South Schinginskaya, Myginskaya and Releinaya. Malka Oil's
existing oil fields Zapadno-Luginetskoye and Lower Luginetskoye are
marked with a green circle."We feel reassured having received external confirmation of both the
earlier known seven potential oil-and gas accumulations as well as
the four new. The estimation of the prospective resources by
Sibneftegeofizika sets the direction and represents great
opportunities as well as interesting challenges for us in the future"
says Fredrik Svinhufvud and continues"We will now proceed and carefully study of how and when to develop
these new promising resources in a wise way."
For further information, please contact:
Fredrik Svinhufvud, Managing Director, tel +46 8 5000 7811, mobile
+46 708 708 708
Richard Tejme, CFO, tel +46 8 5000 7812, mobile +46 707 31 52 17
For further information on Malka Oil AB, see the website
www.malkaoil.se
Malka Oil AB (publ) is an independent oil and gas production company
operating in the Tomsk region in western Siberia. Its current
position consists of oil and gas assets for licence block number 87
in the said region. The block has a surface of 1,800 square
kilometres. There are currently three oil fields at the licence
block, namely Zapadno-Luginetskoye ("ZL"), Lower Luginetskoye ("LL")
and the Schinginskoye oil field, and a large quantity of other not
yet drilled oil structures.
The ZL and LL oil fields are in production and these two oil fields
have during 2007 went through reserve classification by the Russian
State Committee of Reserves (GKZ) and during spring 2008 a Western
reserve study made by DeGolyer and MacNaughton. The GKZ registered
extractable oil and condensate reserves in the categories C1 and C2
amounted to 97 million barrels at the end of 2007. The company's own
estimate of its extractable oil and condensate reserves, C1+ C2, in
the three existing oil fields on licence block number 87 is currently
140-190 million barrels. The Western reserve study estimation as of
April 30, 2008 amounted to 43.5 million barrels 2P and 90.6 million
barrels 3P oil reserves.
Malka Oil's licence block is surrounded by a large number of
producing oil and gas fields.
Reasonable caution notice: The statement and assumptions made in the
company's information regarding Malka Oil AB's ("Malka") current
plans, prognoses, strategies, concepts and other statements that are
not historical facts are estimations or "forward looking statements"
concerning Malka's future activities. Such future estimations
comprise but are not limited to statements that include words such as"may occur", "concerning", "plans", "expects", "estimates","believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Malka's expectations and
assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of
risks and uncertainties. These, in their turn, comprise but are not
limited to i) changes in the financial, legal and political
environment of the countries in which Malka conducts business, ii)
changes in the available geological information concerning the
company's projects in operation, iii) Malka's capacity to
continuously guarantee sufficient financing to perform their
activities as a "going concern", iv) the success of all participants
in the group, or of the various interested companies, joint ventures
or secondary alliances, v) changes in currency exchange rates, in
particular those relating to the RUR/USD rate. Due to the background
of the many risks and uncertainties that exist for any
oil-prospecting venture and oil production company in its initial
stage, Malka's actual future development may significantly deviate
from that indicated in the company's informative statements. Malka
assumes no implicit liability to immediately update any such future
evaluations.
