Victoria Oil & Gas

FSU

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West Medvezhye Project, Russia
The Group has an exploration project in Russia, the 100% owned West Medvezhye field, which is fully impaired. The Group continues to pursue ways to derive value from the asset through farm out, joint venture or sale.

West Medvezhye Highlights

  • YaNAO region of Siberian Russia is seeing increasing interest from the international oil majors for its oil bearing potential
  • Recent changes to the Russian oil and gas tax legislation provide substantial benefits to YaNAO-based undeveloped assets
  • 100% ownership of the Block
  • West Medvezhye field mid-term production potential is associated mainly with oil and liquid hydrocarbons
  • The Block is located 44km from the town of Nadym where there is a growing domestic market for oil and condensate
  • Gas resources are believed to represent substantial upside potential, which can be monetized in the mid- to long-term horizon through existing local infrastructure

West Med (Russia): Reserves**

** C1 and C2 Reserves Under Russia Natural Resource Classification

Kemerkol

In the 2009 Annual Report and Accounts, the Directors made a provision of $35.5 million against the carrying value of the Kemerkol asset subsequent to our licence being revoked by the Economic Court of the Atyrau Oblast of Kazakhstan. We continue to fight our corner within the constraints of the Kazakhstan legal system and still remain hopeful of a positive outcome but Kemerkol’s long-term economic importance within Victoria’s overall portfolio of assets has been minimised.