TIDMUEN

RNS Number : 2313C

Urals Energy Public Company Limited

14 October 2015

 
 Press Release   14 October 2015

Urals Energy PCL

("Urals Energy" or the "Company")

Operational update

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to provide the following operational update:

Petrosakh

Further to the update announced on 2 October 2015, the Company announces that production testing at Well #54 at Petrosakh has been completed. The well is flowing at a stabilized rate of 350 barrels of oil per day ("bbls/day"). This raises total production at Petrosakh to 1,464 bbls/day, compared with an average of 1,088 bbls/day for the six months ended 30 June 2015 (a 34.5% increase).

The Company is in the process of demobilising the drilling rig and this will be moved to the site of Well #109, which is expected to be spudded at the beginning of November 2015.

Arcticneft

Current production at Arcticneft is 687 bbls/day compared with an average of 689 bbls/day for the six months ended 30 June 2015. Following the recent export shipment, two wells have been temporarily shut to allow for planned workovers and this has led to a temporary reduction in daily production which had reached 716 bbls/day in August 2015.

Andrew Shrager, Chairman commented: "The Board are delighted with the initial results at Well #54. We will continue to work towards optimizing our current assets, while assessing opportunities for future growth."

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief Executive Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Brearley            Tel: +44 (0) 20 
                                              3328 5656 
                                 www.allenbycapital.com

Media enquiries:

 
 Abchurch 
 Philip Denis / Quincy Allan              Tel: +44 (0) 20 
                                                7398 7710 
 quincy.allan@abchurch-group.com   www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFLAIVLSLIE

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October 14, 2015 05:14 ET (09:14 GMT)

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