The companies have signed a letter of intent to cooperate on oil and gas activities in the region.
If successful, the deal will be EastSiberian’s first step towards possible exploration in Nicaragua.
The partners plan to file an application with the Nicaraguan Ministry of Energy and Mines (MEM) to establish the EastSiberian group of companies as an exploration and exploitation contractor in the country.
EastSiberian president and director Graeme Phipps said he was "very pleased to have achieved this important first milestone in its efforts to obtain oil concessions in Nicaragua and looks forward to working with Petronic".
Following the receipt of approval from the MEM, EastSiberian and Petronic will commence negotiations with potential customers for concession contracts.
EastSiberian is a Jersey Channel Islands domiciled entity listed on the TMX Group’s NEX board in Canada.
The company is expected to be restored on the TSX-V after reorganization, and changing its focus to oil and gas exploration and production in Latin America.
