TIDMUEN
RNS Number : 0763T
Urals Energy Public Company Limited
29 June 2018
29 June 2018
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Reserves update
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, provides an minor
update to the Competent Person's Report ("CPR") that was recently
prepared by Blackwatch Petroleum Services Limited ("Blackwatch").
The Executive Summary of the CPR was announced on 11 May 2018.
The main change under Blackwatch's latest assessment is that the
remaining 1P Proved Reserves for Petrosakh's Okruzhnoye licence
have been increased from 1.1 million barrels to 2.9 million
barrels, due to a redefinition of Reserves between Proven Reserves
and Probable reserves. This adjustment has led to changes in the
Reserves columns and the Reserves totals, which is reflected in the
updated summary table below.
Table ES-2 Blackwatch Reserves and Resources Estimates for Urals
Assets (Updated)
Original Recoverable Cumulative Gross Remaining Urals Net Operator
Reserves Prior Production Reserves Interest attributable
to Production as of as of 31/12/2017 in Remaining
(MMSTB) 31/12/2017 the Reserves
(MMSTB) Licence as of 31/12/2017
Proved
Proved +Probable
Proved +Probable +Possible
(1P) (2P) (3P) 1P 2P 3P 1P 2P 3P
------------------- ------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
Okruzhnoye
Total 26.6 40.6 67.4 23.76 2.9 16.9 43.7 98.56% 2.81 16.61 43.02 Petrosakh
------- ---------- ----------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
South Dagi
Total 2.9 20.9 38.3 0.00 2.9 20.9 38.3 98.56% 2.86 20.61 37.79 Petrosakh
------- ---------- ----------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
Okruzhnoye
& South
Dagi Combined 29.5 61.5 105.8 23.76 5.8 37.8 82.0 98.56% 5.67 37.22 80.81 Petrosakh
------- ---------- ----------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
Babaevskiy BVN
Total 1.0 10.8 13.7 0.00 1.0 10.8 13.7 100% 1.00 10.80 13.66 Oil
------- ---------- ----------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
Peschanoozerskoye Articneft
Total 58.7 76.8 96.3 17.85 40.8 59.0 78.4 100% 40.84 58.97 78.43 + ANK
------- ---------- ----------- ----------- ----- ----- ------ --------- ------ ------ ------ ----------
In due course the Company intends to publish the Executive
Summary of the updated CPR on the Company's web site -
www.uralsenergy.com
Mr Vasily Nikoluk, Urals Energy's Chief Geologist, a graduate of
the Ivano Frankivsk University and the former head of the geology
department at Gazpromneft, 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.
Appendix
Glossary of Technical Terms
Reserves Categories:
(Source:
http://www.spe.org/industry/docs/Petroleum_Resources_Management_System_2007.pdf
- pages 28 & 29)
Proved reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be commercially recoverable, from a given
date forward, from known reservoirs and under defined economic
conditions, operating methods, and government regulations.
Probable reserves are those additional Reserves which analysis
of geoscience and engineering data indicate are less likely to be
recovered than Proved Reserves but more certain to be recovered
than Possible Reserves.
Possible reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to be
recoverable than Probable Reserves.
1P - Taken to be equivalent to Proved Reserves; denotes low
estimate scenario of Reserves.
2P - Taken to be equivalent to the sum of Proved plus Probable
Reserves; denotes best estimate scenario of Reserves.
3P - Taken to be equivalent to the sum of Proved plus Probable
plus Possible Reserves; denotes high estimate scenario of
reserves.
Prospective Resources Categorization
Source:
http://www.spe.org/industry/docs/Petroleum_Resources_Management_System_2007.pdf
- pages 31, 39 & 37
Low (P90) resource: With respect to resource categorization,
this is considered to be a conservative estimate of the quantity
that will actually be recovered from the accumulation by a project.
If probabilistic methods are used, there should be at least a 90%
probability (P90) that the quantities actually recovered will equal
or exceed the low estimate.
Best (P50) resource: With respect to resource categorization,
this is considered to be the best estimate of the quantity that
will actually be recovered from the accumulation by the project. It
is the most realistic assessment of recoverable quantities if only
a single result were reported. If probabilistic methods are used,
there should be at least a 50% probability (P50) that the
quantities actually recovered will equal or exceed the best
estimate.
High (P10) resource: With respect to resource categorization,
this is considered to be an optimistic estimate of the quantity
that will actually be recovered from an accumulation by a project.
If probabilistic methods are used, there should be at least a 10%
probability (P10) that the quantities actually recovered will equal
or exceed the high estimate.
Prospective Resources - those quantities of petroleum which are
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations.
Remaining Reserves and Resources - those quantities of petroleum
(of any category) which are estimated, as of a given date, to be
recoverable after deducting actual petroleum quantities that are
already produced.
- 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
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of this information may apply. For further information, please
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END
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