PetroKamchatka Plc has entered into a non-arms length farm-in agreement with East Siberian Resources Ltd. (ESR) of Tortola, British Virgin Islands.

The Farm-in Agreement provides that the Corporation may earn up to a 51% equity stake in two wholly-owned Cyprus subsidiaries of ESR, Elranio Holdings Ltd. (Elranio) and Lesona Holdings Ltd. (Lesona and Elranio and Lesona collectively, the "Holding Companies").

Elranio indirectly holds, through CJSC Pacific Oil Resources (Pacific Oil), a Russian entity, a 100% interest in an exploration and production license located on the eastern onshore portion of the Sakhalin Island.

Tags: PetroKamchatka