PETROGRAND AB: INFORMATION REGARDING ACQUISITION OF LICENSE AREA NIZHNE-PANINSKY

Acquisition of license area Nizhne-Paninsky



On the 23(rd) of November Petrogrand signed up to participate in a government
auction regarding a license area in the Tomsk region, Nizhne-Paninsky. On
December 3(rd), our subsidiary Petrogrand Exploration and Production (Petrogrand
EP) was eligible to participate in the auction held in Tomsk on the 10(th) of
December. Petrogrand EP won the auction at the final price of 185.9 million RUB
(44.9 million SEK).

The license area was discovered in the 60's and the State Committee for Natural
Resources has determined that the reserves reach 8.7 million tons, according to
the Russian classification. (ca 65.2 million barrels).


The undertaking of seismic surveys will start as soon as possible.



[HUG#1471300]