Alliance Won Five Exploration Licences in Russia

Alliance Oil has been awarded 5 exploration licenses in Timano-Pechora: Fakelniy, Beluginskiy, Nireiskiy, Nadezdenskiy and North-Tabrovoyahinskiy, by Federal Agency Rosnedra.

All 5 license blocks are located in the Timano-Pechora region in Northern Russia close to the Company’s existing operations and covers an area of 2,740 square kilometers.

The license blocks’ resources are estimated at approximately 325 million barrels of oil (44.0 mln tones) and approximately 14.6 bln cubic meters of gas (86 million barrels of oil equivalent) under Russian reserve classification (D1+D2).

We continue to strengthen our position and commitment to the Timano-Pechora region where we have been growing steadily through exploration and development. These licenses add several attractive prospects to our exploration portfolio to support reserve and production growth in coming years” says Arsen Idrisov, Managing Director of Alliance Oil Company Ltd.