Bashneft completed the acquisition of Bashneftegazrazvedka

Bashneft completed the transaction on acquisition of LLC Bashneftegazrazvedka. The oil company reports that Bashneftegazrazvedka holds a licence for geological exploration of subsoil blocks aimed at prospecting and evaluating hydrocarbon reserves at the Vostochno-Ikskiy licence area in the Bakalinsky region of Bashkortostan. The licence is valid till September 1, 2018. The sum of the transaction is not disclosed.

The Vostochno-Ikskiy licence area has a total area of 1,111.4 sq. km. According to preliminary estimates recoverable oil reserves at the Vostochno-Ikskiy area may total 7 million tons.

The area borders the Ilishevskoye oilfield in the north-east and the Mustafinskoye oilfield in the south. In the west, the area borders Bashneft’s Khasanovskiy licence area, where the Afanasyev field was discovered in 2012 which was commissioned in December 2013 and its production rate currently totals about 470 tons per day.

Currently, the area comprises two prepared formations: the Kilkabyzovskaya and Plodoyagodnaya formations, Bashneft reports.