OREANDA-NEWS. November 20, 2012. Alliance Oil has been awarded 5 exploration licenses in Timano-Pechora: Fakelniy, Beluginskiy, Nireiskiy, Nadezdenskiy and North-Tabrovoyahinskiy, by Federal Agency Rosnedra

All 5 license blocks are located in the Timano-Pechora region in Northern Russia close to the Company’s existing operations and covers an area of 2,740 square kilometers

The license blocks’ resources are estimated at approximately 325 million barrels of oil (44.0 mln tones) and approximately 14.6 bln cubic meters of gas (86 million barrels of oil equivalent) under Russian reserve classification (D1+D2)

We continue to strengthen our position and commitment to the Timano-Pechora region where we have been growing steadily through exploration and development. These licenses add several attractive prospects to our exploration portfolio to support reserve and production growth in coming years” says Arsen Idrisov, Managing Director of Alliance Oil Company Ltd.

Alliance Oil Company Ltd is a leading independent oil company with vertically integrated operations in Russia and Kazakhstan. Alliance Oil has proved and probable oil reserves of 760 million barrels of oil equivalent and downstream operations that includes the Khabarovsk refinery and the leading network of gas stations and wholesale oil products terminals in the Russian Far East. Alliance Oil's depository receipts are traded on the NASDAQ OMX Nordic under the symbol AOIL.