Reserves and resources
Petrosibir’s wholly-owned subsidiary Ingeo Holding is the holder of three licenses in the Russian republic of Bashkiria. The three adjacent licenses form a continuous block of approximately 500 square kilometers. The company has conducted a successful exploration program at Rustamovskoye and has begun a development program of the field, which includes drilling production wells and setting infrastructure for oil processing, storing and transportation. Petrosibir has also started exploration works at Aysky and Suyanovskoye with promising results.
In addition to that Petrosibir acquired in 2015 interests in three licence blocks in the Komi Republic. The interests are held indirectly through a 49% share holdings in the Cyprus company Ripiano Holding Ltd. The licenses have year-round access to Transneft via third party.
Amounts are reported in millions of barrels of oil equivalent. Reserves refer to the amounts of oil and gas attributable to Petrosibir’s share in the fields where the company conducts joint operations via joint ventures and joint investment agreements. Calculations in the assessments have been made in accordance with SPE PRMS. AGR TRACS has made the assessment for Rustamovskoye and Aysky (2014). Enconco GeoStream Service Group, part of Key Energy Services, made assessment of the Komi licenses (2014). The 1P and 3P reserves for Komi are the management’s estimates based on the Enconco’s reserves report.
Besides that, the company has an upside resource potential at Suyanoskoye and Aysky blocks in Bashkiria and Dinyu-Savinoborskoye in Komi. Resources have a lower probability of extraction than reserves.
Classification and definitions
Proven reserves (1P)
Proven reserves (1P) means the estimated amount of petroleum which has a very high probability (greater than 90 percent) of being able to be recovered from proven accumulations in the current financial circumstances and under current operating conditions.
Probable reserves (2P)
Probable reserves are reserves that are likely to consist of recoverable oil and gas accumulations. Proven plus probable reserves (2P) must have more than 50 percent probability of being technically and financially recoverable in the current or future financial circumstances.
Possible reserves (3P)
Possible reserves are reserves for which analyses indicate that it is less likely that they will be able to be recovered. Proven plus probable plus possible reserves must have more than 10 percent probability of being technically and financially recoverable in the current or future financial circumstances.