Far Vista Petroleum Corp. Reports Additional Oil Reserves
Oct 3 13
Far Vista Petroleum Corp. advises that it was informed by Lukoil that it discovered a sizeable deposit of oil at the boundary of its territory with that of Far Vista and that this oil is common to both areas. This was a result of the drilling of well no. 15 on its Lekker field. At a depth of 3,790 meters the well has opened a high pressure oil saturated deposit. Considering the close proximity of Lukoil's Lekker field with Far Vista's Chedty field and the fact that they both have a common geomorphology of Lower Devonian and Silurian deposits, the presence of a hydrocarbonic mine of a size no less that 36 square kilometers is highly probable. The report states that no less than 5 hydrocarbonic mines can be predicted with geological reserves up to 10 million tons. An expert committee advised the Board of Far Vista about this high probability of oil reserves in exploring at least 4 new horizons from the Lower Permian to the Lower Devonian discharges in the south-western part of Chedty field. The company's geologist reports that since neighbor discovered reserves at the very boundary with territory indicates that there remain previously undiscovered additional huge deposits within this territory which were not included in the original evaluation report. This report of the estimated net oil reserves was completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas. The oil reserves are "Proved, developed and producing" 1,584,000 barrels having a value of $166,320,000; "Proved undeveloped" 4,134,000 barrels having a value of $434,070,000; "Probable" 10,351,000 barrels having a value of $1,086,855,000 and "Possible" 14,201,000 barrels having a value of $1,491,105,000.