Today, the Federal Subsoil Resources Management Agency (Rosnedra) granted a licence for geological exploration, prospecting and production of hydrocarbons within a subsoil area including the R. Trebs and A. Titov oilfields in the Nenets Autonomous District to LLC Bashneft-Polyus, a joint venture of JSOC Bashneft and OJSC Lukoil. The licence is valid until February 2036.

Transfer of the said licence from JSOC Bashneft to LLC Bashneft-Polyus was made possible after Rosnedra made amendments to the licence in March 2014 to avoid ambiguity in the interpretation of licence obligations (see the press release dated March 31, 2014).

The transfer of the licence for the R. Trebs and A. Titov fields to Bashneft-Polyus had been approved by Bashneft’s Board of Directors.