Petrogrand AB has through its Russian subsidiary Petrogrand Invest LLC, free of charge been granted the rights to, during a 5 year period, perform geological surveys on the license area Muromskij-2, in the Tomsk-region. Petrogrand will, after test drillings and when the oil reserve is confirmed, apply for a 20 year exploration and oil production license.
According to data from the State Committee for Natural Resources, the reserves have been determined as 39.4 million tons, (295 million barrels)according to the Russian classification.
When the application period expired on 4 February, one additional application had been submitted. The reason for the delays is that Petrogrand informed the authorities of that the other applicant missed a proper company registration. The following investigation by the authorities showed that this was correct and the application failed.
Petrogrand will immediately check the status and quality of earlier surveys on the license area. We will also soonest intensify our work to update and finalize the survey, in order to safe guard that test drillings can be started in the license area during the winter 2011/2012, says Maks Grinfeld, CEO Petrogrand.
Petrogrand will continuously keep the market informed about the work progress in the license area.
Petrogrand'sbusiness concept is to carry on oil production via acquired Russian oil companies and oil licenses. Petrogrand will also manage, enhance and sell Russian oil assets.
Source: Petrogrand
Source: Petrogrand
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