The company is continuing to evaluate the technical information obtained at the Oyarskaya 1P well, which was suspended in January 2010. Preliminary biostratigraphic studies indicate that the primary target sands were not reached in the original wellbore.

The preliminary interpretation of the vertical seismic profile (VSP) indicates a possible deeper basement reflector at a depth within the drilling capacity of the rig.

The company said that additional geological formation evaluation studies are underway and these studies, and the results of the Chernorechenskaya well will provide key input to any future decision to potentially re-enter the well and drill to the deep target at Oyarskaya.

PetroKamchatka is an international junior oil exploration company in the Bailiwick of Jersey with core properties located in the Kamchatka Peninsula of the Russian Federation.