New seismic data supports previous reserve calculations

Petrosibir has analysed the 87 km of seismic work conducted earlier this fall. The new analysis supports the previous reserve calculations based on drillings from the sixties.

“Step by step we are progressing in our exploration programme in Bashkiria. I am pleased that the new analysis supports our previous estimate of 24 million barrels of proven and probable oil reserves,” says CEO Robert Karlsson.

Petrosibir holds an exploration license for oil and gas in the Russian republic of Bashkiria. Bashkiria is situated south-west of the Ural Mountains and has a favourable climate for exploration and production.

Earlier this year, Petrosibir successfully completed a private placement of SEK 56 million to finance the drilling of two exploration wells and the collection of seismic data. Drilling of the first exploration well was commenced at the end of October.