Aug 22. Gazprom Neft intends to farm out fields located on Chukotka and within the Lopukhovsky block. The company released a bond issue prospectus in which information was disclosed for the first time about execution of license agreement on its blocks. According to the document, on the Telekaysky block "the terms were not executed in full as of May 23, 2008". The company's press service explained that the license provided for 3D seismic activities on 220 sq km in 2007-2008. However, these activities are to be carried out in 2008-2009. In addition, concerning Telekaysky, Lagunny, Zapadno-Ozerny (inland Chukotka) and Tumanovsky (Chukotka shelf) license blocks, the company stated "negative economic viability of the project". The company confirmed that at the current stage of development of production technologies the company views independent development of these fields as economically unviable. For this reason, the company plans to farm out these blocks. The prospectus also points to a lack of "promising blocks with commercial hydrocarbon reserves" on the Lopukhovsky block located on the shelf of the Sea of Okhotsk near the north-west coast of the Island of Sakhalin. The company explained that there are extensive potential resources on the Lopukhovsky block. However, advanced technologies, which the company does not possess so far, are required to tap them and Gazprom Neft is therefore interested in farming out the Lopukhovsky block as well.