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.
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.
