MOSCOW, August 31 - RAPSI. Bashneft-Polyus, the Bashneft and Lukoil joint venture, have pulled their lawsuit disputing the Federal Agency for Subsoil Use's revocation of the Trebs and Titov oil fields license and its return to Bashneft, the Moscow Commercial Court spokesperson told the Russian Legal Information Agency on Friday.

During the hearing, the plaintiff submitted an application for ceasing the case proceedings. The court upheld the application.

On May 21, the court ended the proceedings in the lawsuit filed by Bashneft minority shareholders Svetlana Proskuryakova and Pavel Stepanov, having upheld the watchdog's motion.

During the trial court hearing, the agency said that it had revoked its order to have the license transferred to Bashneft-Polyus on May 18.

In its ruling, the court said the co-plaintiffs' claims that their rights and lawful interests had been violated as a result of the order were mere conjectures, as no corroborating evidence had been submitted. The court added that the order did not infringe on the co-defendants' rights and their rights cannot be considered as having been violated as the issue was resolved out of court. In late May, LUKOIL then voiced its intent to challenge the revocation in court. It was later reported that both companies had sent a letter to Prime Minister Dmitry Medvedev, asking him to reinstate Bashneft-Polyus' right to develop the field.

The Trebs and Titov oil fields in the Timan-Pechora Basin in the Nenets Autonomous District are considered highly prospective. Their C1 reserves are estimated at 78.9 million and 63.4 million tonnes of oil, respectively. Bashneft won the license tender to develop the fields by offering a bid of 18.476 billion rubles ($ 569.63 million), while the starting price was 18.171 billion rubles ($ 560.23 million).