Urals Energy Public Company Limited Operational update (0643B)
March 30 2017 - 9:26AM
UK Regulatory
TIDMUEN
RNS Number : 0643B
Urals Energy Public Company Limited
30 March 2017
Dissemination of a Regulatory Announcement that contains
inside information according to REGULATION (EU) No
596/2014 (MAR).
30 March 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Operational update
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, is pleased to
provide the following operational update:
Kolguev Island
Oil production in the first quarter of 2017 has been averaging
approximately 1,110 bbls/day, compared with an average of
approximately 1,050 bbls/day in the last quarter of 2016,
representing an increase of 5.7%, due to the benefits of well work
overs. Further work overs are planned on the well stock acquired
via the acquisition of Artic Oil in September of last year.
A first tanker shipment is scheduled for late June 2017, with a
second in October 2017. Pre-export finance is being negotiated to
cover pre-export taxes and duties. The total volume of commercial
crude produced on Kolguev Island that is currently held in stock
tanks is approximately 235,000 barrels.
Sakhalin Island
The Company is at the final stage of negotiation in respect of a
rig leasing contract with Jereh Group, a Chinese company, to be
deployed to drill our first well at South Dagi. As mobilisation and
transit will not be completed until June or July 2017, the Board
has decided to use the Group's drilling team, who will be
responsible for the South Dagi well, to drill one well with our own
rig at Petrosakh, with the option of a second. This represents a
change in the timing of Board's drilling plan for Sakhalin.
Production at Petrosakh continues to average approximately 1,135
bbl/day, all of which is processed into products at our own
refinery and sold on the Island. Local product prices have remained
strong.
Komi Republic
The planned well for RK-Oil will be spudded shortly, which
represents a delay in the Board's original plan. This delay has
predominantly been due to the early melting of nearby ice roads.
However, all equipment is in place and final preparations are being
made. A further announcement in respect of this well will be made
in due course.
Competent Person's Report
The Company is engaging Blackwatch Petroleum Services to prepare
a Competent Person's Report on its portfolio of licences. It is
expected that this will be completed in June 2017.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman Tel: +7 495 795 0300
Leonid Dyachenko, Chief Executive
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor / Alex Brearley Tel: +44 (0) 20 3328
5656
www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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