Independent gas exploration and production company Volga Gas PLC (VGAS.LN) Thursday said it had successfully amended the terms of its license to the Karpenskiy field with the Federal Agency for Natural Resources.
The company said there had been certain licence breaches, which dated back to the previous owner - a subsidiary of OAO Lukoil (LKOH.RS).
Volga Gas is now required to finalize exploration of a 4,180 square kilometer area and drill nine wells over the next two years.
The company currently holds four subsoil licenses in the Volga Region.