PetroNeft Company, operating in the Tomsk Oblast, Russian Federation, acquired additional 40% interest in concession 67 from Belgrave Naftogas (formerly Arawak Energy Russia) for $2.9 million, PetroNeft’s stated on its website.

According to this deal, PetroNeft’s interest in this concession has been increased by 40% to be 90%. At the meantime, PetroNeft has a 50% operated interest in concession 61.

Commenting on the deal, David Sturt, CEO of  PetroNeft said: “licence 67 is an asset which we believe has significant potential value for PetroNeft shareholders. Over the last two years our understanding of this licence has improved considerably and we are delighted to be bringing it into production.”

“With oil prices improving and a favorable tax treatment for this licence, we see this as an investment which can deliver significant value at low cost. We look forward to being able to update shareholders further as our operational plan unfolds.” he added

Licence 67 contains two oil fields, Ledovoye, Cheremshanskoye, and several exploration prospects.