Skyland Petroleum said it has completed a binding share purchase agreement with a private Russian company for the purchase of an oil and gas asset in Eastern Siberia.
The company said it plans to increase exports from site from 2018.
The move is also set to help Skyland position itself as a key player in the region.
David Robson, managing director, said: “We are extremely pleased to have made such progress in East Siberia thus far and we look forward to completing this transaction subject to conducting further due diligence.’
“This agreement fits in very well with our long term growth strategy. Skyland has actively reviewed several projects in this region and believes that this project is extremely attractive and provides a very good base for Skyland’s entry into this prolific oil and gas province with export routes to the major east Asian economies.
“The company certainly believes that this potential acquisition has the ability and the potential to substantially increase the value of the Company’s business both in the short and long-term future.’
‘Our team has worked hard to ensure the projects selected to date will benefit the Company’s stakeholders and shareholders and view the East Siberia project to be transformational, ultimately securing Skyland as a permanent player in the supply of energy to the ever growing economies of East Asia and particularly China.”
Recommended for you
