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ANK Bashneft' OAO acquires Burneftegaz

Wednesday, 26 Mar 2014 08:00pm EDT 

ANK Bashneft' OAO:Says that Bashneft Group has gained control over a 100 percent stake in LLC Burneftegaz, a company conducting exploration and producing oil in the Tyumen District.The transaction had been approved by the Federal Antimonopoly Service.LLC Burneftegaz owns the rights to exploration and development of the Sorovskoye field (the Vostochno-Vuemskiy licence area) and the Tortasinskoye field (the Tortasinskiy licence area) via its wholly owned subsidiaries.Total С1+С2 oil reserves of the fields amount to 53.4 million tonnes.Commercial production was launched at the Sorovskoye field in 2013.LLC Tortasinskneft, a wholly owned subsidiary of Burneftegaz, also holds licences for geological exploration at the Severo-Ityakhskiy 3 and Vostochno-Unlorskiy subsoil areas.The value of the transaction approved by Bashneft’s Board of Directors exceeded $ 1 billion, including debt.Sources of funding for the transaction included borrowings. 

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