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AFX Europe (Focus): Sibir Energy says oil reserves calculated based on Russian standards

Published: Apr 20, 2007

LONDON (Thomson Financial) – Sibir Energy PLC said the oil reserves estimates of its Siberian fields were calculated based on Russia’s own standards.

“Sibir would like to state for the record that the reserves figures reported by the company are the Russian standard reserves as reported by the Russian State Committee on Reserves,” the company said in a statement.

“For the avoidance of doubt, Sibir’s reserves and those of the Russian State Committee on Reserves are one and the same,” it said.

Sibir is developing the Salym field in western Siberia jointly with Royal Dutch Shell PLC. Its 95 pct-owned unit Magma, meanwhile, produces oil from the Yuzhnoye fields, also in Siberia.

Sibir issued the statement after Oleg Mitvol, deputy head of the Russian environmental watchdog Rosprirodnadzor, accused Imperial Energy PLC of inflating its reserves.

Imperial insisted on the accuracy of its reserves report, which was checked by independent auditor DeGolyer and MacNaughton.

D&M uses the internationally-accepted Society of Petroleum Engineers standards, which are different from the methods used by Russian regulators.

At 11.21 am, Sibir Energy shares were down 1.5 pct at 460 pence.

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