The major obligation under the Kolvinskoye field license agreement is to conduct a seismic survey covering 120 square kilometers during 2007 and 2008. A seismic survey has already been completed and this obligation was consequently met ahead of schedule, according to the company release.
West Siberian Resources said that the Russian license agreement also contains obligations to start well testing before December 31, 2007. The firm said that although during the inspection in October it was noted that well testing had not commenced, it was agreed that such tests would be completed in December 2007. Well test procedures have been started, it said.
West Siberian Resources said that its local subsidiary has thereby fulfilled its obligations under the license agreement and that it strongly objects to any suggestions to the contrary. Test results will be submitted to the authorities by mid December 2007.
Maxim Barski, CEO, said: I have full confidence in our compliance with license obligations in all regions.
