PetroKamchatka drilling in Far East Russia

PetroKamchatka PLC, Jersey, Channel Islands, UK, is drilling its first exploration well on the Tigil block on Far East Russia’s Kamchatka Peninsula and plans to begin trading this month on Canada’s Toronto Stock Exchange.

Dec 9th, 2009

By OGJ editors
HOUSTON, Dec. 9
-- PetroKamchatka PLC, Jersey, Channel Islands, UK, is drilling its first exploration well on the Tigil block on Far East Russia’s Kamchatka Peninsula and plans to begin trading this month on Canada’s Toronto Stock Exchange.

Incorporated in December 2008, PetroKamchatka has secured seven onshore exploration licenses that total 8.1 million acres onshore on Kamchatka Island. It has identified numerous prospects and leads on modern 2D seismic on the Tigil and Icha blocks.

KNOC Kamchatka Petroleum Ltd., owned 55% by Korea National Oil Corp., and the Koryakia Property Fund, an investment agency of the Koryakia Okrug Administration, Kamchatka, have 50% and 5% interests, respectively, in the Tigil and Icha blocks.

PetroKamchatka, through its indirect interest in CJSC Tigil Exploration, is drilling below intermediate casing set at 1,519 m at its first well on the Tigil block.

CJSC Tigil is required to drill two wells on Tigil, one in calendar 2009 and one calendar 2010. The second well is to spud in spring 2010.

The 2010-11 work programs and budgets on the two blocks are subject to the approvals of the joint venture partner, KKPL, and PetroKamchatka’s ability to obtain adequate financing.

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