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PetroKamchatka Announces Award of New Licence, Update on Proposed Transaction With Advastor

PetroKamchatka Plc, (PKP.V), an international junior oil exploration company trading near year lows, announced the award of a new licence and provided an update on the proposed transaction with Advastor. It announced that: "On September 10, 2011, the corporation, through a 100%-owned subsidiary CJSC Palana-Exploration, was awarded a new exploration licence in Kamchatka, named Tigilskaya. It is an expanded version of the previously held Tigil Licence, encompassing the previous licence area plus additional acreage to the east, totalling 4,164 km2. The licence was awarded by the Russian Federal Agency for Subsoil Use (FASU) based upon a work commitment bid to acquire 500 km of 2-D seismic data prior to September 10, 2014, out of which 200 km 2-D seismic data must be acquired prior to September 10, 2013, and to drill two exploration wells within the licence area, one to be completed prior to September 10, 2015 and another to be completed before September 10, 2016. It is the corporation's intention to farm-out its Kamchatka acreage, including this new block."

As of this date, the corporation said it has been unable to reach a definitive

agreement with the owners of Advastor in respect of the proposed share exchange transaction first announced on May 18, 2011. Negotiations between the parties continue, it said.

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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.

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