PetroNeft Resources plc, owner and operator of Licence 61, Tomsk Oblast, Russian Federation, is pleased to announce that it has entered into an Area of Mutual Interest agreement (“AMI”) with Arawak Energy Limited (“Arawak”) to jointly pursue new opportunities in the West Siberian Oil and Gas basin.
Arawak, which is listed on the London and Toronto stock exchanges, is a multi-asset oil and gas production, development and exploration group which has been active in the FSU since 1998, and has operations in Kazakhstan, Russia and Azerbaijan.
The AMI is structured to enable the two companies to work together on potential opportunities in the Western Siberia Oil and Gas basin where PetroNeft has its main operations.
Under this agreement PetroNeft will have right of first refusal to be the operator of any joint projects in this basin.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented:
“We look forward to working with the team at Arawak in Western Siberia and we feel that the combined expertise and resources of the two companies will facilitate the acquisition and development of new opportunities in the region.”