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Forward Plan

  • Drill one well in the Lebyazhye area, to prove the commerciality of the reservoir and upgrade the contingent resources to commercial reserves.
  • Drill one well in the South Prorva area, to upgrade the prospect to hydrocarbon discovery status.
  • Acquire further 3D seismic data to facilitate the further development of discoveries and 2D seismic to mature additional drillable prospects.
  • Prepare for IPO or strategic investment in late 2011.

Drilling programme implementation

Tendering for various activities relating to the drilling of two wells is in progress, together with the construction of the well locations. Depending on rig availability, we expect to commence drilling activities in January 2011.

Securing of requisite permissions and permits

All regulatory permissions and permits secured for drilling PO-1X and L-14X.

Completion of design projects

All design projects with respect to drilling the South Prorva and Lebyazhye wells approved

Date: 26.11.2010