10 April 2015

“Oil Company “Northern Radiance” Ltd has approved a business development strategy until 2025, its key element being to increase crude production by the means of well fund growth. The strategic aim is to reach by 2021 and then maintain oil extraction level no lower than 1 mln tons. The Company plans to produce no less than 9 mln tons of oil before 2025.

Besides the works on Mousershorskoye field, the Company is going to raise the production level on Shorsandiveiskiy and Lidushorskiy license blocks. These blocks make up approximately a third of the total production of the Company.

“Oil Company “Northern Radiance” Ltd owns four licenses for exploration and mining of hydrocarbon crude of Timano-Pechorskaya Petroleum province with the following periods of validity:

  • Mousershorskoye field – until 31 Dec 2025
  • Lidushorskoye field – 25 Aug 2026
  • Shorsandiveiskoye field – 21 Dec 2031
  • Lidushor-Shorsandiveiskoye field – 1 Sept 2032.