Petraco Payment Restructure and Operational Update (6539L)
August 03 2011 - 4:22AM
UK Regulatory
TIDMUEN
RNS Number : 6539L
Urals Energy Public Company Limited
03 August 2011
3 August 2011
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Petraco Payment Restructure, Drilling Update and Current
Production
Urals Energy, the independent exploration and production company
with operations in Russia, today announces that Petraco Oil Company
Limited ("Petraco") has agreed to restructure the terms of the debt
repayment agreement with Petraco, details of which were originally
announced on 12 April 2010 (the "Agreement").
Petraco Payment Restructure
Petraco has agreed with Urals Energy to link the repayment of
the $4 million tranche, due on 31 July 2011, to a shipment of the
tanker from Arcticneft scheduled for late October 2011. The
remaining repayment dates are unaltered and are as follows:
Date Amount (US$)
------------------ --------------------
30 November 2011 4.0m
------------------ --------------------
31 July 2012 6.0m
------------------ --------------------
30 November 2012 5.7m
------------------ --------------------
31 July 2013 3.0m
------------------ --------------------
30 November 2013 Outstanding balance
------------------ --------------------
This amendment will enable Urals to maximise the efficiency of
its next oil shipment by increasing its oil storage, and thereby
ensuring that the tanker delivery is as full to capacity as
possible.
Drilling Update
Drilling at well #51 has taken slightly longer than originally
anticipated: the actual drilling has progressed according to
schedule and has reached a depth of 1,650 metres. Before running
the production string, the drilling crew started elaboration of the
borehole. While working through the borehole at the depth of 1,460,
intensive shedding of breeds was discovered and, as such, the crew
has installed two cement plugs at the depth of 1,485 to 1,470
meters and 1,470 to 1,450 meters. Subsequently, whilst working
through these cement plugs at the depth of 1,471 meters,
circulation seized and the drill became stuck. Currently the crew
is working to free the drill and recommence drilling through the
cement plug and elaborating through the well to run the production
string.
Based on current progress, the management anticipates that flow
rates will be known over the coming weeks and further announcements
will be made at the appropriate time.
Drilling of well #41 will commence once well #51 has been
completed.
Current Production
Current production at both Petrosakh and Articneft is 1,437 BOPD
and 711 BOPD respectively.
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
------------------------------------- --------------------
Alexei Maximov
------------------------------------- --------------------
Grigory Kazakov
------------------------------------- --------------------
Allenby Capital Limited +44 (0)20 3328 5656
------------------------------------- --------------------
Nick Naylor
Alex Price
------------------------------------- --------------------
Pelham Bell Pottinger +44 (0)20 7861 3232
------------------------------------- --------------------
Mark Antelme
------------------------------------- --------------------
Jenny Renton
------------------------------------- --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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