By OGJ editors
HOUSTON, Oct. 22 -- Timan Oil & Gas PLC, a UK exploration company working in Russia, said a Russian court upheld an extension to its exploration and production license for Nizhne-Chutinskoye oil field in the Timan Pechora region.
The extension, granted in 2006, extended Timan Oil's area to 215 sq km from 131 sq km. The Russian Federal Subsoil Agency sought to revoke the extension that had been granted by the Subsoil Agency of the Komi Republic. On Oct. 17, the Moscow Arbitration Court ruled the extension remains valid.
Alexander Kapalin, Timan Oil chief executive officer, said the court ruling confirms that the E&P license covers 215 sq km. He said the company looks forward to continuing E&P activity as it previously planned.
