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Sibneft Acquires Three New Fields in Western Siberia

Moscow, December 15, 2004. Sibneft has won an auction for hydrocarbons exploration and production rights for three blocks in the Yamal-Nenets Autonomous District in Western Siberia. The auction took place in the regional capital of Salekhard on December 14, 2004.

According to data from the Yamal-Nenets Department of Natural Resources, the Yuzhno-Udmurtskoye field has recoverable reserves of 1.2 million tons of oil and total geological reserves of 7.6 million tons. The Chatylkinskoye field has 3.1 million tons recoverable and 8.9 million tons geological reserves, while the Kholmistoye field has 9.7 million tons and 42.6 million tons, respectively.

The acquisition cost per barrel of recoverable reserves for the three fields averages about $0.50. The fields fit well, geographically and structurally, with the existing assets of the company’s main oil production subsidiary, Sibneft-Noyabrskneftegas.

Note: one ton = 7.436 barrels