Following the approval of the proposed technical designs and projected construction work, the Company intends to commence field preparation work for construction of the tie-in pipeline as planned in Q4 2007.
The Dulisminskoye field is located in the strategically significant Eastern Siberia Region. This region has become the key new frontier in the Russian oil and gas sector with its significant undeveloped reserves and close proximity to Asian-Pacific markets.
As assessed by DeGolyer and MacNaughton the Dulisminskoye field is estimated to have 464 mmboe and is projected to reach 30,000 bopd production by 2011. First oil from the field is expected to flow into Transneft’s ESPO in H1 2009.
Lyonid Dyachenko, Chief Executive, commented:
"The approval of the tie-in designs is a major milestone and will allow us to commence construction of the pipeline on time.
As well as our earlier signed memorandum with Gazprom regarding the sale of gas from the Dulisminskoye field, this is another important step towards full development of this significant asset."
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