Petrosibir: New Reserves – Bashkiria
Following the successful drilling of the first exploration well on the Suyanovskoye licence, 51% of which is owned by Petrosibir, the Company prepared and successfully filed a reserves report with the State Reserves Committee.
The authorities have now approved and registered C1 reserves of 6.4 million barrels and C2 reserves of 3.3 million barrels (C1+C2 reserves of 9.7 million barrels) on the Yanbayskaya oil field within the Suyanovskaye licence.
The Company is now moving to initiate commercial production from the field which is anticipated to be producing before the end of this quarter.
Pavel Tetyakov, CEO, comments: “I am particularly pleased with the speed with which our team has been able to move with this project, taking it from discovery to gaining reserves approval and then being able to bring the discovery into commercial production in less than a year. The official approval of the reserves both increases Petrosibir’s value and represents a bigger platform for the future development. We look forward to starting commercial production from the Yanbayskaya oil field by the end of current quarter and continuing exploration and appraisal activities within our licences”.
