UEN Urals EN.

    RNS Number : 6794Z
  Urals Energy Public Company Limited
  23 July 2008
   

    Urals Energy Public Company Limited 

    ('Urals Energy' or the 'Company') 

    Drilling Update


    Urals Energy, a leading independent oil and gas producer focused on East Siberia, Russia today announces the successful testing of
appraisal well �105 at the Dulisma Field (the "Field"). 

    This first horizontal well completion at the Dulisma Field has been tested extensively over two weeks and has been certified by Geodata,
a Russian oil services company, as flowing at 1,280 BOPD. 

    The well is now tied-in to the Field infrastructure and is producing. Including production from well �105, total average production by
the Company is now approximately 6,500 BOPD.

    The well is at a depth of 2,633 meters and, with deviation and a horizontal section in excess of 300m, has a total length of 3,182
meters. Future wells may be drilled with greater length as drilling techniques are optimized to maximize recovery. In June 2008, drilling
commenced on a separate drilling pad with the Company's second drilling rig (225 ton capacity) and drilling in the Field currently continues
with two rigs operating simultaneously. In addition, construction of the oil field infrastructure, including the oil processing and transfer
facilities and the 73 km oil export pipeline to ESPO is progressing. 


    Leonid Dyachenko, Chief Executive, commented:

    "The successful completion of this first horizontal well and its encouraging flow rate is indicative of Dulisma's potential and
underlines the opportunity that we envisage in East Siberia.  

    "With our extensive drilling and construction programme underway, we are making good progress towards the development of our key assets
and the commercialisation of our substantial 2P reserve base of 1.2 billion boe."


    23 July 2008
    Enquiries:

 Pelham PR        
 Evgeniy Chuikov    +44 (0)20 3008 5506 / +44 (0)7894 608 606
 Mark Antelme       +44 (0)20 3178 6242 / +44 (0)7525 951 011 
                  



This information is provided by RNS
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