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Chernomorneftegaz confirms oil reserves

      RBC, 19.12.2007, Simferopol 18:56:01.Chernomorneftegaz has finished the drilling and testing of an exploratory oil well in the Subbotino oil field on the Black Sea's Kerch shelf, confirming the oil reserves at 100m tonnes. After the operation of the oil field has begun, the annual oil production is estimated to be 1m tonnes, as forecast earlier, RBC-Ukraine reported.

      Chernomorneftegaz plans to drill a second exploratory oil well in 2008 and put both wells on production test. But the prospect fully depends on public finance, which, so far, has not conformed to the company's needs, the oil and gas company stated.

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