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PetroKamchatka entered a farmin agreement with East Siberian Resources Ltd. of Tortola, British Virgin Islands.
The agreement enables the corporation to possibly earn up to a 51% equity stake in two wholly-owned Cyprus subsidiaries of ESR -- Elranio Holdings Ltd. and Lesona Holdings Ltd.
Elranio indirectly holds, through CJSC Pacific Oil Resources, a Russian entity, a 100% interest in an exploration and production license on the eastern onshore portion of the Sakhalin Island. Lesona indirectly holds, through LLC Mezhregionalnaya Toplivnaya Kompaniya, also a Russian entity, one oil production license and one exploration and production license in Eastern Siberia.
The corporation intends to pursue a fundraising for approximately $50 million to fully fund the work program contemplated by the agreement and for general corporate purposes.