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Baltic Oil Terminals PLC, which was established to invest in oil related infrastructure projects and upstream activities in Russia and the FSU is pleased to announce that OOO Zauralneftegaz (in which Baltic owns a 50% interest) has been awarded the Lebyazhevsky exploration and production block for a 25 year term, in the Kurgan region of Western Siberia.
The new block is located equidistant to two existing Zauralneftegaz blocks in the south western part of the region and has a surface area of approximately 42,000 acres. The addition of this block takes the number of licenses to seven with a total acreage of just over 1 million acres. The block has a preliminary work program involving the analysis of existing legacy well and seismic data.
Simon Escott, CEO of Baltic Oil Terminals said:
"I am pleased we have delivered this license ahead of schedule and so soon after we listed on AIM.
"I can also report that good progress is being made at the oil transhipment terminal at Kaliningrad. Construction will start in mid July and the project is on schedule to tranship its first oil in January 2007."