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Yukos has spectacularly upgraded its workable deposit estimate of Yuganskneftegaz
Yukos has spectacularly upgraded its workable deposit estimate of Yuganskneftegaz, its biggest oil-extracting affiliate. The new figures came to the Dresdner Kleinwort Wasserstein bank (DKW), which is pricing Yuganskneftegaz, soon to come up for auction, the Russian oil giant says in a press release. Based on many years' Yuganskneftegaz reserve studies, the new estimate exceeds several-fold a previously announced 3P-total of explored, prospected and extrapolated reserves-made on the standards of SPE, Society of Petroleum Engineers. The Yuganskneftegaz workable deposits are specified at 12.8 billion tons, or 93.7 billion barrels, to exceed a SPE estimate for last year's end by 10.1 billion tons (74.3 bn barrels). The SPE estimate amounted to a mere 2.7 billion tons, or 19.4 billion barrels. The new estimate promises to appear in the corporate reserve report for this year's end, though it has not yet come through a check by the DeGolyer & MacNaughton independent reserve auditors, the release goes on. As DeGolyer & MacNaughton informed Yukos, the Yuganskneftegaz reserve estimate has every chance for a big rise against what the auditors had calculated for December 31, 2003. The DKW received updated estimates with a paper and information batch to price Yuganskneftegaz. The same was offered to other companies estimating Yukos assets.
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