EastSiberian PLC, formerly PetroKamchatka PLC, has applied to relinquish the Tigilskaya exploration license in Kamchatka, Russia, and will focus on proven oil basins elsewhere in Russia.
The company obtained Tigilskaya from the Russian government in September 2011 on the basis of defined work commitments. It has been unable to find a joint venture partner to farm into the license.
Relinquishment awaits final government approval. No penalties or other costs are associated with relinquishment, which will mark completion of the company’s activity and license holdings in the Kamchatka region.