Oil

Tomsk

Bluelake Mineral also holds oil assets in Russia. In 2017, the company acquired the Cypriot company Mezhlisa Resources Cyprus Ltd (Mezhlisa). Through the Russian subsidiary OOO Bakcharneftegaz (“BNG”), Mezhlisa controls the exploration and production license 71-1 in the Tomsk region of Russia. Mezhlisa is currently registered as owner of 72.4 percent of BNG. However, after the latest registration of ownership, the Company has invested in BNG to such an extent that the right to full ownership of 74 percent exists.The Company plans to distribute its operations with Russia’s oil assets to shareholders in the spring of 2021 via a dividend in kind.

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