Victoria Oil & Gas Plc has received a certificate from the Russian Ministry of Natural Resources confirming registration of a discovery at the West Medvezhye ("West Med") gas and gas condensate field in Western Siberia, Russia, for Well 103. This certificate completes the requirements for conversion of the West Med exploration license into its 20 year production phase.
Exploration around the location of the next target, Well 105, is continuing with a reinterpretation of the existing seismic and the new data obtained from the drilling of Well 103 being undertaken by local geological institute SibNats. A geochemical survey has also been completed to evaluate further potential target areas around the location of Well 103. This new exploratory data will be combined with a Geospectra IPDS passive seismic survey to be attempted by GeoDynamics Research when the conditions allow.
"This official certification confirms the recognition of Victoria's successful fulfillment of its exploration license obligations for West Med by the Russian authorities," said Chairman Kevin Foo. "The initial work by the local geological institute has revealed some intriguing new potential close to Well 103 and so we look forward to GeoDynamics' further appraisal."
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