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Petrogrand Preparing to Spud First Russian Well

Source: www.gulfoilandgas.com 2/2/2012, Location: Asia

The construction of the winter roads have progressed according to plan and mobilisation of the drilling equipment have begun. Some of the equipment has already reached the drilling location (see updated pictures on webpage). We don't see any reason to change the spud dates that was given in our third quarterly report, which means that the first well is expected to spud second half of February. As earlier communicated, two wells will be drilled in the Nizhnepaninsky licence area and one well in the Muromsky-2 licence area.

During 2012 the estimated cost for these three wells is MRUB 500 (MSEK 115). The three planned exploration wells during the year will be well covered by company funds, which amounted to MSEK 527 at the end of Q3 2011.

The Company has also decided to acquire around 350 line kms additional seismic on the Muromsky-2 licence area during first half of 2012. Estimated cost will be around MRUB 65 (MSEK 15).

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