The move has come following the exit from the company of partners ConocoPhillips of the US and state giant Rosneft at the end of 2015.

According to the Nenets regional governor’s office, Polar Lights offered to pay about 18 million rubles ($281,000) for a 25-year exploration and development licence for the West Kolvinsky block.

The block measures about 1800 square kilometres and is located 30 kilometres to the east from the Ardalin field, which is the chief asset of Polar Lights that the company has been developing since 1992.