Petrogrand AB is pleased to report an operational update
Exploration work
The construction of the winter roads have progressed according to plan and
mobilisation of the drilling equipment have begun. Some of the equipment has
already reached the drilling location (see updated pictures on webpage). We
don't see any reason to change the spud dates that was given in our third
quarterly report, which means that the first well is expected to spud second
half of February. As earlier communicated, two wells will be drilled in the
Nizhnepaninsky licence area and one well in the Muromsky-2 licence area.
During 2012 the estimated cost for these three wells is MRUB 500 (MSEK 115). The
three planned exploration wells during the year will be well covered by our
liquidity which amounted to MSEK 527 at the end of Q3 2011.
Seismic
We have also decided to shoot around 350 line kilometres additional seismic on
Muromsky-2 licence area during first half of 2012. Estimated cost will be around
MRUB 65 (MSEK 15).
[HUG#1580854]
