12-08-08 Swedish-based Russian oil exploration company Malka Oil said the recoverable reserves at its three existing oil fields in block 87 in western Siberia amounted to 91 mm barrels as of April 30, 2008, according to an independent study by De Golyer and McNaughton.
The estimate is based on Malka Oil's existing boreholes and supports the company's own estimate of 140-190 mm barrels of extractable oil and condensate at the three fields, the company said.

It is also in line with an earlier Russian reserve estimate of 97 mm barrels.
"We see this report as a starting point for the work to even more efficiently capture the potential of the license block and to focus our drilling program on increasing the SPE-classified reserves", said Malka Oil managing director Fredrik Svinhufvud.

To increase the proportion of proven and probable reserves, Malka Oil said it would engage an independent expert to analyze the company's development plans, the operation of the fields and also to assist with the designing of new development plans.
"In this way the operation will be optimized with regards to SPE-norms going forward," said Svinhufvud.

Malka Oil was formed in 2005 and took over the license for block 87 in April that year.
De Golyer and McNaughton provides reservoir engineering and economic evaluation services to the oil and gas industry.