By OGJ editors
HOUSTON, May 19 – PetroKamchatka PLC seeks to acquire six exploration licenses in northern European Russia’s Komi Republic and farm out its Kamchatka acreage.
A signed, nonbinding letter of intent calls for PetroKamchatka to issue stock to acquire a company that owns four Russian entities that hold six exploration licenses totaling 2,700 sq km in Komi near production and transportation facilities including two drill-ready prospects.
As a precondition to closing, PetroKamchatka would pursue $30 million in financing to drill the two wells, further other work commitments on the six licenses, and for working capital. The company said the transaction will provide lower exploration risk oil opportunities near infrastructure that offset the high-risk, high-potential Kamchatka acreage.
Two exploration licenses are in the Izhma-Pechora Trough and four are in the Upper Pechora Trough.
The Visovsky license covers 732 sq km with 485 sq km of 3D seismic shot and two prospects and six leads identified. One well is required. The Yermolovsky license is on 189 sq km with 134 sq km of 3D seismic shot and two prospects identified. One well is required. An exploratory well was drilled in 2007.
The Lemsky license covers 610 sq km with 445 line-km of 2D seismic shot and multiple leads identified. The work commitment is 150 line-km of 2D seismic, 150 sq km of 3D seismic, and one exploratory well. The Lunvozhsky license is on 352 sq km. The work commitment is 150 line-km of 2D seismic, 100 sq km of 3D seismic, and one well.
The Lebyazhsky license covers 513 sq km. The work commitment is 200 line-km of 2D seismic, 100 sq km of 3D seismic, and one well. The Verkhne Pechorsky license covers 314 sq km. Work commitment is 100 line-km of 2D seismic and one well. Exploratory wells were drilled on the block in 2006 and 2008.
Rendering from Cedar LNG.
US Government Accountability Office.
