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Slavneft Increased Audited Gas Reserves, Oil Reserves Almost Unchanged

20.03.2014

As of December 31, 2013, Slavneft's audited proven oil reserves under USA Securities and Exchange Commission's (SEC) LOF (life of field) methodology amounted to 1646.9 mln bbl. The Company's proven profitable oil reserves decreased by 3.5 mln bbl or 0.2%, as compared to 2012.
Slavneft's SEC LOF gas reserves amounted to 346.8 bln cubic feet (9.8 bln cubic meters) and overran the past year's indicators by 22.1 bln cubic feet or 6.8%.
The Holding's reserves replacement ratio calculated as the ratio between proven recoverable  oil reserves (119.2 mln bbl) and 2013 production volume (122.6 mln bbl), reached the level of 1.06 in terms of SEC standards.
In 2013, the Company's geologists discovered 10 new oil deposits including 7 at Taylakovskoye field, 2 at Zapadno-Ust-Balykskoye field and 1 at Uzunskiy license area.
Slavneft's 2P oil equivalent reserves (total proven plus probable) based on PRMS (Petroleum Resources Management System) amounted to 4635.4 mln bbl by December 31, 2013, having decreased by 1.7% (79.4 mln bbl) as compared to the previous year's indicator. 2P PRMS gas reserves increased by 7.2% (42.4 bln cu ft) over the reporting period, making 630.7 bln cu ft.
A minor decrease in SEC and PRMS oil reserves is caused by the scheduled decrease of exploration activities. Exploration program adjustment is in its turn associated with the decrease of profitable reserves in oil deposits, which are being prepared for commercial development.
Associated gas audited reserves increase is underpinned by the plans to increase production of associated gas for commercial use.
In 2013, the independent audit of Slavneft's hydrocarbon reserves was performed at 35 fields, including 33 fields situated in Khanty-Mansi Autonomous District-Yugra and 2 fields in Krasnoyarsk Region. The audit was performed by DeGolyer and MacNaughton.

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