Russia's licensing agency Rosnedra met last week to review the status of the Lagansky Block license. Representatives of Lundin Petroleum's Russian subsidiary were present at the meeting. While no formal written confirmation has been received from Rosnedra we understand that a decision has been made to recommend that the Lagansky license is revoked by the Ministry of Natural resources.
Lundin Petroleum is currently ready to commence drilling operations on the Lagansky license awaiting the receipt of final permits and authorizations. Lundin Petroleum strongly refutes any suggestion that the Lagansky license be revoked and will take all necessary action to protect its interests in this respect.
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