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Zoltav Resources raises Koltogor reserves to a billion barrels following data review

12th March 2015

The Russian Federal Agency for Subsoil Use (Rosnedra) has registered an additional 546 million barrels (mm bbls) of Russian standard C1 plus C2 oil reserves At Zoltav Resources’ Koltogor Exploration and Production Licence

The Russian Federal Agency for Subsoil Use (Rosnedra) has registered an additional 546 million barrels (mm bbls) of Russian standard C1 plus C2 oil reserves At Zoltav Resources’ Koltogor Exploration and Production Licence
The Koltogor Licences cover a combined area of 695km2 in the Khantiy-Mansisk Autonomous Okrug, an autonomous region in Western Siberia.

The additional reserves take the total Russian standard C1 plus C2 oil reserves for the Koltogor E&P Licence and the neighbouring Koltogor Exploration Licence 10 (Koltogor 10) to in excess of a billion barrels.   

The registration of additional reserves was undertaken following the interpretation of 3D seismic acquired in 2014 which improved the understanding of the reservoir distribution in the Upper Jurassic formations.

"The interpretation of 3D seismic data from last year's programme has enabled the company to re-map the reservoir distribution of the Koltogor oil field which we now understand to be a significantly bigger asset,” said Alastair Ferguson, Zoltav executive chairman. “With over a billion barrels of Russian standard reserves, the Koltogor licences contain the largest undeveloped oil discovery in the prolific Western Siberian oil province of Khantiy-Mansisk."

"Zoltav places great importance on its ability to add value to the acquisitions it makes. The high quality of our 3D acquisition and interpretation which resulted in the re-delineation of the field demonstrates the Company's operational capability."

"Zoltav's 100 per cent interest in the licences places the company in a very favourable position to advance the development of these fields. We are commencing the next phase in the appraisal programme which will in due course include appraisal drilling and testing in order to further define and prove the optimum method of extracting the hydrocarbons."

 

 

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