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Last updated on April 23, 2014 at 12:38 EDT

PetroKamchatka Plc (TSXV: PKP) announces Voting Results of its Extraordinary General Meeting, Update on Farm-in Agreement, Share Trading Halt, and Sale of Drilling Rig and Equipment in Kamchatka, Russia

August 23, 2012

ST. HELIER, Jersey, Aug. 23, 2012 /CNW/ – PetroKamchatka Plc,
(“PetroKamchatka” or the “Corporation”), an international junior oil
exploration company incorporated in the Bailiwick of Jersey, announces
that at its Extraordinary General Meeting held on August 22, 2012, the
resolutions to change the name of the Corporation to “EastSiberian Plc”
and to consolidate its common shares at a 100 to 1 ratio were ratified.
The Corporation is now proceeding to implement these resolutions. The
total pre-consolidation outstanding shares of the Corporation are
490,396,137, with the post-consolidation outstanding shares are
expected to total 4,903,998.

The Corporation also reports that it has commissioned DeGolyer &
MacNaughton to prepare an independent oil and gas reserve report
prepared in accordance with National Instrument 51-101 (the “Report”).
The Report will encompass reserve estimates on the three licences that
form the Corporation’s Farm-in Agreement with East Siberian Resources
Ltd., as announced on June 27, 2012. The Report is required to be
submitted to and reviewed by the TSX Venture Exchange prior to lifting
the trading halt on the Corporation’s shares.

The Corporation is also pleased to announce that it sold its 100%
interest in the drilling rig and ancillary equipment located in
Kamchatka, Russia. The ZJ30 mobile drilling rig was used to drill two
exploration wells on the Corporation’s Tigil exploration licence in
Kamchatka in 2009 and 2010. The sale proceeds were RUR31,000,000
(approximately US$1,000,000).

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE PetroKamchatka Plc


Source: PR Newswire