The Dublin-listed, Siberian-focused oil exploration company Petroneft Resources has won a state auction for a 100 per cent stake in the Ledovy Licence 67 in Russia.
Petroneft is already the owner and operator of Licence 61, also in Tomsk Oblast.
The Ledovy 'Licence 67' is located in the main oil bearing region of the Tomsk Oblast west of the Ob River, in the prolific Western Siberian Oil & Gas Basin.
The 2,447 km2 Licence 67 is surrounded by proven and producing oil and gas fields and is located close to existing road, power and pipeline infrastructure - including the Vasyugan-Raskino oil pipeline and electric power lines running through the middle of the Licence 67 area.
Russian registered C3 recoverable resources are 55 million barrels in three prospects and there is believed to be significant upside within existing discoveries, the company said.