Baltic Oil Terminals Wins Two Exploration Licenses in Western Siberia

Baltic Oil Terminals PLC, which invests in oil-related infrastructure projects and upstream activities in Russia and the former Soviet Union, said its 50%-owned unit Zauralneftgaz Ltd has won two 25-year exploration and production licenses in Western Siberia.

The applications are for the South Voskresensky block and the Petukhovsky block in Western Siberia. The blocks are in the eastern part of the existing license areas of Zauralneftegaz and have a surface area of approximately 335,000 acres. The technical review of the existing "legacy" data will commence immediately upon formal confirmation by the Ministry of Natural Resources of the award, which is expected within twenty days.

Baltic expects the decision in respect of the Lebyazhevsky license block application to be announced by June 16, 2006 and the decisions in respect of the Mikhailovsky and Pichuginsky blocks to be announced in the fourth quarter of this year.