Timan Oil & Gas said Thursday its wholly-owned subsidiary OOO Komineftegas was officially issued with a Certificate of Commercial Discovery by the Russian Federal Subsoil Agency, or Rosnedra, in relation to the discovery of oil made within the company's exploration licence area at the Khudoyelskoye oilfield in the Timan-Pechora region of the Komi Republic.
The KNG field is located in the Pechora region of the Republic of Komi which is 57 km from the city of Pechora.
Timan said the Russian authorities classify the above reserve figures as a new discovery as there were previously no Russian registered reserves for either reservoir in the KNG Field.
No reserves have been attributed by the Russian authorities at this stage to the deeper, Devonian reservoir, pending further drilling. The company believes the reserves for the KNG Field can be increased since no reserves have been attributed at this stage to the Devonian reservoir.
Alexander Kapalin, CEO of Timan, said the company's immediate focus remains on obtaining funding and bringing the NGPT field into commercial production.