Petrogrand AB: Application submitted to Tomsknedra shows additionally increase in C3 resources in the Nizhnepaninsky license block

Petrogrand is pleased to report that the final report have been submitted to Tomsknedra on increased C3-resources. The final report C3-resources amounts to 54,8 million tons (411 mmbbl). The volume is distributed over four areas: Yuzhno-Nazinskaya 24,8 million tons), Nizhnepaninskaya (5,3 million tons), Ambarskaya (16 million tons) and Paninskaya (8,7 million tons). During the winter 2012 two exploration wells will be drilled in the license area. We have in addition to this submitted an updated C3-resouce number on Muromsky- 2. The report includes two of four areas that the former licensee identified. These two areas include 20,5 million tons (154 mmbbl) that is somewhat higher than the earlier reported numbers on these two areas. It is distributed over Muromskaya (2,1 million tons) and Ragozinskaya (18,4 million tons). During the winter of 2012 one exploration well will be drilled at the area. We plan to shoot new seismic on part of the license area during next year. Press Release PDF: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Petrogrand AB via Thomson Reuters ONE [HUG#1567240]