DeGolyer and MacNaughton Inc. has estimated Yukos' reserves as of December 31, 2003. Its probable and potential reserves have not been counted in, and neither have been the reserves of Sibneft Inc., where it holds a major block of shares, Yukos spokespeople say in the press release.
The current value of proven and identified oil and gas reserves has been determined with the help of methods developed by the Society of Petroleum Engineers (SPE), with the discount rate at 10% and other assumptions made in accordance with information disclosed by the company earlier.
The SPE evaluation methods differ from the ones accepted by the U.S. Securities and Exchange Commission (SEC), with these latter used by Yukos when preparing financial reports to US GAAP standards.
Here is the value of the reserves of Yukos' core oil production units: Yuganskneftegaz, $30.4 billion; Tomskneft, $5.4 billion; and Samaraneftegaz, $4.6 billion.
In an effort to make Yukos pay its debt bill for 2000, authorities have seized the shares and documents of Yuganskneftegaz, Samaraneftegas, and Tomskneftegaz, whose registered securities belong to Yukos.
As the Justice Ministry reports, the stock of Yuganskneftegaz-Yukos' main production unit-will be evaluated by independent experts and transferred to an appropriate organization for sell-off.
A working group formed out of officials of the Justice Ministry's Bailiffs Service, the Federal Agency for Managing Federal Property, and the Federal Service for Financial Markets has selected corporate evaluators to estimate Yuganskneftegaz' stock, Yukos officials say in the press release. Once its value has been identified, the stock will be sent to an appropriate organization for sell-off. Accordingto Yukos, the evaluators will be provided with all materials they may need in their work.
