Russia

By OGJ editors
HOUSTON, Oct. 21 – A subsidiary of International Petroleum Ltd., Perth, has acquired for $5 million an indirect 75% equity interest in a Russian company that holds exploration license on four blocks in Western Siberia, Russia.

IPL Siberia Ltd. acquired the indirect interests in Irtysh-Neft, which holds rights to the Krasnoleninskiy blocks that total 1,467 sq km in the Khanty-Mansiisk region, on which 1,950 line-km of 2D seismic have been shot.

Consulting engineers put unrisked prospective recoverable resources on the blocks at best estimate of 260 million bbl. The current work program requires the drilling of two wells on the blocks by June 30, 2012, and two more wells by Dec. 30, 2012. IPL Siberia will be the operator.