01/11/2005
20:18 West Siberian Resources reviewed long-term production plans for Tomsk- and Timano Pechora regions.
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Management of West Siberian Resources has reviewed the long-term production plans for the Tomsk- and Timano Pechora regions. Based on current development plans and the award of the new licenses, the revised objective is to reach total daily production rates exceeding 30,000 barrels in 2007.
In October, two production licenses were won at the license auction for the Timano-Pechora region. The North Kharyaga and Lek Kharyaga licenses will be acquired for a total of USD 67 million and financed from cash and bank debt. Under Russian classification, proven plus probable oil reserves of 91.5 million barrels will be added. 70% of these reserves are in the proven category. Total proven plus probable reserves increase by 65% from 141.5 million barrels to 233 million barrels.
Field development and production in the new license areas will commence in 2006. Drilling programs and field development are continuing at the Middle Nyurola- and the Middle Kharyaga fields.
West Siberian Resources Ltd's oil production in October amounted to 421,189 barrels or 13,586 barrels per day. Production numbers include production from the recently completed Pechoraneft acquisition.
awos
20:18 West Siberian Resources reviewed long-term production plans for Tomsk- and Timano Pechora regions.
--------------------------------------------------
Management of West Siberian Resources has reviewed the long-term production plans for the Tomsk- and Timano Pechora regions. Based on current development plans and the award of the new licenses, the revised objective is to reach total daily production rates exceeding 30,000 barrels in 2007.
In October, two production licenses were won at the license auction for the Timano-Pechora region. The North Kharyaga and Lek Kharyaga licenses will be acquired for a total of USD 67 million and financed from cash and bank debt. Under Russian classification, proven plus probable oil reserves of 91.5 million barrels will be added. 70% of these reserves are in the proven category. Total proven plus probable reserves increase by 65% from 141.5 million barrels to 233 million barrels.
Field development and production in the new license areas will commence in 2006. Drilling programs and field development are continuing at the Middle Nyurola- and the Middle Kharyaga fields.
West Siberian Resources Ltd's oil production in October amounted to 421,189 barrels or 13,586 barrels per day. Production numbers include production from the recently completed Pechoraneft acquisition.
awos