8 May 2015

As a part of business development strategy until 2025 “Oil Company “Northern Radiance” Ltd has begun an investment program.

During the first half of 2015 the Company is going to double the number of development wells by the means of sidetracking which will provide the crude production growth. For this purpose a drilling rig was delivered at Mousershorskoye oil field. During next seven months all planned geotechnical jobs are going to be carried out using the rig. The first financial output is planned to be received in the 3d quarter of 2015.

The Mousershorskoye oil field was discovered in 1993. Its remaining recoverable reserves of oil make up 12 mln tons. This field is the largest one on Lidushor-Shorsandiveiskoye field with the license for extraction of hydrocarbon crude until 31 Dec 2025.