PetroNeft Resources plc (LON:PTR) CEO David Sturt joins DirectorsTalk to discuss the potential acquisition of an additional 40% of License 67. David provides us with more information on the asset, explains why the seller is selling after just one year, where the focus now lies, how the loan extension is progressing and news flow for the coming month and the expected completion of the acquisition.
The Company was established to develop oil assets in the Tomsk Oblast in Western Siberia and was admitted to the London AIM and Dublin ESM Markets on 27th September 2006.
PetroNeft Resources owns and operates 50% of two licences located within the Tomsk region of Russia which has a long tradition in oil and gas production.
Tomsk itself is located within the major West Siberian Basin which is the largest petroleum basin in the world, covering an area of 2.2 million km². Discovered petroleum volumes are estimated to be over 350 billion barrels oil equivalent (BBOE).