EastSiberian Plc (ESB.V), a junior oil exploration company incorporated in the Bailiwick of Jersey, announced that it has applied to relinquish the Tigilskaya exploration licence in Kamchatka, Russia.
This licence was obtained from the Russian Government in September 2011 on the basis of defined work commitments. The Corporation has attempted to find a joint venture partner to farm into the licence, but has not been successful to date. The Company has decided to relinquish the licence and focus on proven oil basins in Russia. The relinquishment of the licence awaits final approval from the Russian Government. There were no penalties or other costs associated with the relinquishment and this marks the completion of activity and licence holdings in the Kamchatka region.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
