Republic of Bashkortostan subsurface management agency Bashnedra has announced an open auction to sell a license for geological exploration and hydrocarbon materials mining at the Leonovsky field.

The starting price for the lot is reportedly estimated at $1.56m.

The auction is scheduled to take place on July 5, 2011.

The 153.7-square-kilometer field is located in the Budzyaksky and Blagovarsky districts. Total extractable oil reserves under C3 category are estimated at 1.925 million tons.