FTSE 250 oil producer Exillon Energy said that it had acquired the Sinatiyskoye exploration and production licence for $1.3m three weeks ago, representing a "significant addition" to its portfolio in the northern Russia.
The licence, which was acquired in a state auction on December 30th, is valid until December 30th 2036 and will now be called ETP VII.
The ETP VII (located near the group's existing assets in the Timan-Pechora [TP] region) covers an area of 130.4km squared and borders the southern boundary of the existing ETP II field. Exillon's six existing TP fields cover an area of 214km squared.
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"The group continues to develop an optimal exploration strategy for its undeveloped assets in Timan Pechora, notably the ETP VI and ETP VII fields, and intends to communicate further details of this strategy over the next few months," the statement said.
