RK-Oil Limited and BVN Oil Limited were formed in in order to participate in public auctions for oil exploration and production licenses in Russia's Komi region. Following these auctions both RK and BVN hold licenses in the Komi region.
The Company acquired full control in these assets in November 2015.
BVN Oil Limited is developing the Babaevsky license area and has two licenses.
Exploration license is valid until 2021, exploration and production license is valid until 2036.
RK-Oil Limited is developing the Ordymsky license area and has one exploration and production license valid until 2040.