Project Profile
Location: Mirninsky District of the Sakha Republic (Yakutia)
Reserves: 112 million barrels of liquids and 22.5 bcm of gas in P50 resources.
Yakutia Fuel & Energy Company (YATEC), a subsidiary of Russian infrastructure holding Summa Group, was awarded an exploration, development and production licence for the Mirninsky block in 2011. It spans 2,452 square km and contains four known oil and gas deposits: Machobinskoye, Nelbinskoye, North Nelbinskoye and Mirninskoye.
ASX-listed Skyland Petroleum agreed to buy the Mirninsky block from YATEC in 2016 for US$100 million. Due diligence work carried out by Skyland confirmed P50 reserves of 112 million barrels of liquids and 22.5 bcm of gas. It is unknown whether this transaction was finalised. Skyland halted trading in January 2017 and its website is now inactive.