Russia: PetroKamchatka eyes East Siberia, Sakhalin

PetroKamchatka PLC plans to take a farmout to earn interests over a 3-year period in the Prizalivnayam, Verkhnepitskaya, and Borschevskaya licenses on Sakhalin Island and in Eastern Siberia, Russia, under a non-arms length agreement with East Siberian Resources Ltd., Tortola, British Virgin Islands.

Alan Petzet

June 27, 2012

PetroKamchatka, which will ask shareholders in mid-August to approve a name change to EastSiberian PLC, wants to raise $50 million to fund work programs under the agreement and support general corporate purposes.

PetroKamchatka will earn the interests by drilling development or delineation wells and shooting 2D seismic on the licenses.

About the Author

Alan Petzet

Chief Editor Exploration

Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.

Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.