Urals Energy Public Company Limited Operational update (0934C)
April 10 2017 - 8:19AM
UK Regulatory
TIDMUEN
RNS Number : 0934C
Urals Energy Public Company Limited
10 April 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
10 April 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.
Komi Republic
The Company has spudded its first exploratory well on the
licence held by RK-Oil, its wholly owned subsidiary which was
acquired in November 2015. The final target depth for this well is
approximately 1,100 metres, with one shallow horizon as a target at
approximately 450 metres. The Company expects to reach the final
target depth in approximately one month.
At present RK-Oil's reserves of approximately 25 million barrels
are classified as "D1" in the Russian Official Classification,
equivalent to "P3" or "Possible". These reserves figures have not
been reviewed in accordance with the AIM Guidance Note for Mining,
Oil and Gas Companies. The Company's objective is to establish
proven and probable reserves as a first step in the design of a
full Development Plan for the RK-Oil licence area. As noted in
Urals Energy's announcement of 30 March 2017, the Company is
engaging Blackwatch Petroleum Services to prepare a Competent
Person's Report on its portfolio of licences. This Competent
Person's Report will be prepared in accordance with an appropriate
Standard and it is expected that it will be completed in June
2017.
RK-Oil's exploration and production license is located 12
kilometres from a railroad terminal, which can provide access to
the Transneft pipeline (located 80 kilometres from the licence
area) for export purposes, or access to the nearest refinery for
local sales (located 150 kilometres from the licence area).
Dr Svyatoslav Bilibin, (Dr.Sci.Tech. and Corresponding Member of
the Russian Academy of Natural Sciences), an independent adviser to
Urals Energy, who meets the criteria of a qualified person under
the AIM Guidance Note for Mining, Oil and Gas Companies, has
reviewed and approved the technical information contained within
this announcement.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
Leonid Dyachenko, Chief 0300
Executive Officer
Sergey Uzornikov, Chief www.uralsenergy.com
Financial 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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