Victoria Oil & Gas announced that the MNR has approved independently calculated Russian category C3 resources for three structures within its West Medvezhye project ("West Med").
The resources were calculated by independent local geological institute SibNats as part of the exploration assessment of West Med based on existing 2D seismic and drilling data. This assessment and its conclusions on prospectivity, prepared as part of VOG's exploration program for the project, were then reviewed and accepted by the MNR.
In March 2008, the MNR approved recoverable C1 + C2 reserves of 14.4 million barrels of oil equivalent based on the results from the first discovery well, Well 103. After further analysis of existing 2D seismic data, the MNR concurs with the identification of over 30 potential structures in the 1,224 square kilometer license block. Of these, C3 resources have been calculated for three structures (East Nadymskaya, Pogodnaya and Yarunsnaya) as follows:
In August 2006, independent reserve auditors DeGolyer and MacNaughton ("D&M") calculated best estimate gross prospective recoverable resources of approximately 1.1 billion barrels for the entire West Med field according to SPE classification standards. The above resource estimate approved by the MNR is based on three structures only within the West Med field according Russian resource classifications, which do not necessarily correlate to SPE standards.
Kevin Foo, Chairman of Victoria Oil & Gas said of these results today, "The West Med project continues to gain momentum. We have worked closely with the Russian authorities on our strategy of thorough delineation of the subsurface potential and these results are very satisfying. West Med remains one of our brightest prospects and we are planning further subsurface work in the winter."
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