Canbaikal awarded oil and gas exploitation license in Western Siberia

Dec 19, 1996 01:00 AM

Canadian CanBaikal Resources has been awarded a license to explore, develop and produce a major oil and gas license block in the Province of Khanty-Mansiysk, Russian Federation. The Company recently participated in the Tender V bidding round for 18 blocks in Khanty-Mansiysk and was successful in its bid for Block 146, a 400 sqkm property located 100 km south of the City of Surgut. CanBaikal is the first western company to be awarded a license under the new oil and gas regulations in Russia. Notable within these new regulations is the fact that the Company will receive title to the reserves contained in the Block, unlike the situation in the past. Block 146 is located immediately south of the Ugut and West Ugut oilfields and has four identified oil pools with estimated proven and probable reserves of 170 mmb and ultimate, potential reserves of 440 to 635 mmb. The Company will proceed immediately with its exploration and development plans for the north segment of the Block, with estimated 1997 capital expenditures of $ 20 mm.

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