By OGJ editors
HOUSTON, Jan. 24 -- West Siberian Resources Ltd., Stockholm, is to pay $140 million to acquire a company that produces oil in Russia's Volga-Ural region. Closing is set for February.
Being acquired is ZAO Saneco, which averaged 5,714 b/d of oil production in 2005. It holds four production licenses and three exploration licenses.
The purchase will bring West Siberian Resources's 3P reserves to 259.3 million bbl under Society of Petroleum Engineers classification.
Consulting engineers, however, have not yet estimated potential reserves or resources in numerous structures on Saneco's exploration licenses or in the NBNK license in Timan-Pechora. Western Siberian Resources estimates these recoverable volumes at 83 million bbl for the Saneco licenses and 64.8 million bbl at NBNK based on interpretation of seismic data.
Saneco discovered the substantial Boshevskaya and Kovalevskaya fields in the past 3 months.
West Siberian Resources operates production and licenses in the Tomsk area of Western Siberia and the Timan-Pechora area.
