Alliance Oil wins exploration and production license in Timano-Pechora

12/19/2012 2:15 AM EST

Alliance Oil Company Ltd
Company Announcement

Alliance Oil wins exploration and production license in Timano-Pechora


  -- Alliance Oil won the auction for the Alfinski exploration and production
     license. The Company will pay approximately MUSD 0.5 for the license to be
     awarded by the Russian Federal Agency Rosnedra

  -- The Alfinski license block is located in the Timano-Pechora region in
     Northern Russia close to the Company’s existing operations and covers an
     area of about 154.5 square kilometers

  -- The license block’s resources are estimated at approximately 61.1 million
     barrels of oil (8.4 million tons) under Russian reserve classification
     (D1+D2)

“We continue to build up the Company’s resource base in Timano-Pechora. In this
region, the Company has developed significant experience and infrastructure to
support further growth in coming years” says Arsen Idrisov, Managing Director
of Alliance Oil Company Ltd. 



For further information please contact:

Arsen Idrisov, Managing Director, Alliance Oil Company, Tel.: +7 495 777 18 08

Eric Forss, Chairman, Alliance Oil Company, Tel.: +46 8 611 49 90





Also visit www.allianceoilco.com



Alliance Oil Company Ltd is a leading independent oil and gas company with
vertically integrated operations in Russia and Kazakhstan. Alliance Oil has
proved and probable 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.