Russia: International Petroleum Completes Vamaro Investments Acquisition

Australian International Petroleum has today announced that it has completed the acquisition of Cyprus-based Vamaro Investments, granting the company licence over two licences in Western Siberia, Russia.

The deal is completed at a cost of $3 million (USD), which has already been paid to Vamaro on the 27th of February, the issuing of 55 million shares and the assumption of certain liabilities of Vamaro, which were paid on the 13th of February.

The two licences entitle International Petroleum to conduct a geological study of subsoil and to explore for extract gas and oil in the Khanty-Mansiysk Autonomous Region in Western Siberia.

International Petroleum's CEO Chris Hopkinson says the completion of the deal will allow the company to begin work on the two licences, beginning with oil.

"Now that the acquisition has been completed and the winter roads to access the existing wells have been constructed, the company is now focussed on working over the wells in the Vamarov Project and is excited about producing and selling the company’s first oil from these wells in the near term," he said.