Operational update and Petraco debt restructuring
26 May 2010 - 4:00PM
UK Regulatory
TIDMUEN
RNS Number : 5384M
Urals Energy Public Company Limited
26 May 2010
26 May 2010
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Operational Update and Petraco debt restructuring - Issue of shares
Following the announcements made on 12, 20 and 29 April 2010, Urals Energy has
issued 8,693,006 shares with a nominal value of US$0.0063 each to Petraco Oil
Company Limited (the "Petraco Shares") pursuant to the restructuring agreement
between the Company and Petraco.
In addition, Urals Energy has also issued 117,812 shares with a nominal value of
US$0.0063 each (the "Sidorovich Shares") to Vladimir Sidorovich pursuant to the
terms of the Company's Restricted Stock Plan adopted in February 2006 and the
terms and conditions of the termination of Mr. Sidorovich's consultancy
agreement.
The Petraco Shares and Sidorovich Shares represent approximately 4.61 percent
and 0.06 percent respectively of the enlarged issued share capital and will rank
parri passu with the existing shares. Application has been made for the Petraco
Shares and Vladimir Sidorovich Shares to be admitted to trading on AIM and
dealings are expected to commence at 8.00am on 27 May 2010. Following the issue
of all of the Petraco Shares and Vladimir Sidorovich Shares, the total number of
shares in issue will be 188,519,367 shares with a nominal value of US$0.0063
each.
Operational Update
At Petrosakh production remains unchanged on the level of 1,577 BOPD (barrels of
oil per day). Since the date of the last operational update the Company has
completed the optimisation of production from the recently perforated well 34
and optimisation of a water injection well 42, which resulted in an increase in
production by 46 BOPD, which was offset by a decline from other wells.
Deliveries of the two rod pumps are expected shortly and will be installed on
well 47 and on another well, which is now being assessed.
The Company intends to drill well 35b, the first sidetrack well, in early June
2010. The drilling rig has already been assembled on site and is awaiting final
deliveries of drilling equipment before spudding.
Urals has also commenced production of Gasoline 92 with first deliveries priced
at 23,600 Roubles per ton ($98/bbl) net of VAT. Despite the recent decrease in
crude oil prices the prices for oil products on Sakhalin Island have not to date
been impacted.
At Arcticneft, production has stabilised and a moderate increase of 25bopd to
725 BOPD was achieved as a result of the maintenance works performed on the
three wells (numbers 101, 36 and 609). The Company is now evaluating data from
the geological studies commissioned in Q1 2010 in order to determine the
remaining field development programme at Arcticneft.
Enquiries:
+----------------------------------+--------------------------------+
| Urals Energy Public Company | |
| Limited | |
+----------------------------------+--------------------------------+
| Alexei Maximov | +7 495 795 03 00 |
+----------------------------------+--------------------------------+
| Grigory Kazakov | |
+----------------------------------+--------------------------------+
| | |
| Allenby Capital Limited | +44 (0)20 3328 5656 |
+----------------------------------+--------------------------------+
| Nick Naylor | |
| Alex Price | |
+----------------------------------+--------------------------------+
| | |
+----------------------------------+--------------------------------+
| Pelham Bell Pottinger | +44 (0)20 7861 3232 |
+----------------------------------+--------------------------------+
| Mark Antelme | |
+----------------------------------+--------------------------------+
| EvgeniyChuikov | |
+----------------------------------+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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