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Melbourne-based Molopo will receive approximately $1 million in net proceeds from the sale of its 2.2% interest in the producing Sredne Kharyaginskoye oil field in Russia's Timan Pechora Basin.
The Russian asset sale follows Molopo's completion in January this year of the disposal for $320,000 of its stake in a small gold project in North Korea.
The two sales complete the company's current divestment of non-core assets.
The divestment program was necessary in order for the company to concentrate primarily on the appraisal and development of its promising coalbed methane gas reserves in Australia.
Molopo is currently developing the Mungi project in the Bowen Basin area of Queensland and has additional coal bed methane interests in New South Wales and China.
