OREANDA-NEWS. December 28, 2012. 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.

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.