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Petrogrand AB (MALK)

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Friday 17 February, 2012

Petrogrand AB

Petrogrand AB: Spudding of well in Yuzhno-Nazin...

Petrogrand AB: Spudding of well in Yuzhno-Nazinskaya (N-232)

We have today spudded our well N-232 in Nizhnepaninsky license area. An important part of the drilling preparations has been to get all the necessary approvals in place. I would like to take the opportunity to thank our personnel who have done a very good job with this, which has enabled us to keep our schedule.  The planned depth of the well is 2800 m. For this, the Uralmash 3D- 76 drilling unit will be used. This machine allows for drilling wells up to 5000 m deep.  Our targets are Cretaceous, Jurassic, Weathering mantle and Palaeozoic deposits. We plan to do extensive testing during and after drilling and the estimated drilling time is 60-70 days, excluding testing. Spudding of our other two wells (one in Nizhnepaninsky and one in Muromsky-2) will begin shortly.

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810
Sven-Erik Zachrisson, Chairman, phone: +46 8 41 05 45 96
Certified Adviser First North:   Mangold Fondkommission AB

Reasonable caution notice:
The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.

These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to i) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, ii) changes in the available geological information concerning the company's projects in operation, iii) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", iv) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, v) changes in currency exchange rates, in particular those relating to the RUR/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Petrogrand AB via Thomson Reuters ONE


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