Urals Energy Public Company Limited Completion of Well #41 and operational update (8489G)
July 04 2012 - 1:00AM
UK Regulatory
TIDMUEN
RNS Number : 8489G
Urals Energy Public Company Limited
04 July 2012
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Completion of Well #41, license extension and operational
update
Urals Energy, the independent exploration and production company
with operations in Russia, is pleased to announce that it has
successfully completed final production testing on Well #41 on the
Petrosakh Field.
Well #41 is now producing approximately 180 BOPD, which was
within the Company's target range. Current production at Petrosakh
is now 1,429 BOPD.
The Company is currently considering recommendations from
several respected oil service companies in order to evaluate future
steps regarding Well #51 which was temporarily abandoned due to
difficult drilling conditions.
The Company has been informed that the license for the
Okruzhnoye field, which expires at the end of 2012, has been
renewed until 2037.
Current production at Arcticneft is stable and stands at 710
BOPD.
Commenting on today's announcement, Alexei Maximov, CEO
said:
"As we approach the European summer break, we continue to make
solid progress on a number of fronts, both in terms of resolving
the final legacy issues as well as our drilling programme which,
with the completion of Well #41, has already achieved tangible
positive results for the Company."
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
------------------------------------- --------------------
Alexei Maximov
------------------------------------- --------------------
Sergey Uzornikov
------------------------------------- --------------------
Allenby Capital Limited +44 (0)20 3328 5656
------------------------------------- --------------------
Nick Naylor
Alex Price
------------------------------------- --------------------
Pelham Bell Pottinger +44 (0)20 7861 3232
------------------------------------- --------------------
Mark Antelme
------------------------------------- --------------------
Maria Blank
------------------------------------- --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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