Oil India completes acquisition of 50% interest in PetroNeft's oil block

In Russia

Oil India announced that the Company has completed the acquisition of 50% shareholding in WorldAce Investments, a Cyprus based wholly owned subsidiary of PetroNeft Resources (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia.

PetroNeft Resources is listed in Dublin and London stock exhanges. The total commitment from Oil India will be US 85 million including US 45 million for development capex. The effective date of acquisition is 01 Jan 2014.

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