Urals Energy Public Company Limited Publication of reserves report (2312T)
October 02 2014 - 1:00AM
UK Regulatory
TIDMUEN
RNS Number : 2312T
Urals Energy Public Company Limited
02 October 2014
Press Release 2 October 2014
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Publication of reserves report
Urals Energy (AIM: UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce the results of its recent reserves report prepared as at 1
January 2014 by Miller and Lents, Ltd. ("Miller and Lents") in
relation to its in Petrosakh and Arcticneft.
A summary of the Miller and Lents report will be available
shortly on the Company website: www.uralsenergy.com
The aggregate results of the evaluation for the two fields are
summarised below:
Net Reserves Future Net Revenues
Disc
at
Oil, Oil, Undiscounted 10% Per
Reserves category M Bbls. M Tonnes M US$ Year,
M US$
--------------------- ---------- ----------- --------------- ----------
Proved Developed
Producing 4,356 565 95,364 65,808
Proved Developed
Nonproducing 1,734 216 30,039 19,702
Proved Undeveloped 25,637 3,225 441,239 176,036
Other Capital and
Property Taxes -79,694 -30,780
--------------------- ---------- ----------- --------------- ----------
Total Proved 31,727 4,005 468,949 230,765
--------------------- ---------- ----------- --------------- ----------
Probable 14,618 1,827 250,802 81,783
Possible 4,411 554 110,791 37,279
Alexei Maximov, Chief Executive, commented: "The Board believes
that the Reserve Report by Miller and Lents provides a conservative
estimate of the reserve base. In addition, the report provides
solid ground for future development of both fields as well as
confirming the existing programme aimed at reducing the natural
decline in production, implemented by the Company."
Vasiliy Devyatov, (Dr.Sci.Tech.), an independent adviser to
Urals Energy, who meets the criteria of a qualified person under
the AIM Rules - Note for Mining and Oil & Gas Companies, has
reviewed and approved the technical information contained within
this announcement.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Alexei Maximov, Chief Executive Tel: +7 495 795
Officer 0300
Sergey Uzornikov, Chief www.uralsenergy.com
Financial Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Tel: +44 (0) 20
Quincy Allan 7398 7710
henry.ht@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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