Urals Energy Public Company Limited Operational update (4677P)
17 November 2016 - 9:36PM
UK Regulatory
TIDMUEN
RNS Number : 4677P
Urals Energy Public Company Limited
17 November 2016
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
17 November 2016
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Operational update
The board of Urals Energy PCL (AIM: UEN), the independent
exploration and production company with operations in Russia, is
pleased to provide the following update on its plans for operations
in 2017:
Komi operations
At RK-Oil, we have completed preparations to re-enter the
existing well and this should commence in Q1 2017. At the same
time, we are conducting a tender for a contractor to drill a new
well, which will commence once approval has been given by the State
Authorities, currently expected to be received in late Q2 2017 or
early Q3 2017.
Petrosakh
Average daily production at Petrosakh continues at 1,250
bbls/day. We have decided to shut in Well 109. The well continued
to flow high pressure water, with modest oil production, despite
attempts to slow the water flow. As there is a risk that the water
might freeze in surface pipe systems, we believe that it is
necessary to shut the well in. In the Spring of 2017 we will reopen
the well and utilise the well as a water injector to maintain
pressure in the area. We have decided to defer drilling at
Petrosakh itself and concentrate on our workover programme and
additional measures to maintain production levels. At the recently
acquired South Dagi licence area, which is managed by Petrosakh, we
are preparing plans for an exploratory well in Q3 2017 or Q4 2017.
Geological studies are in hand, including a micro seismic survey,
and on the basis of a development plan we will seek approvals from
the State Authorities.
Articneft
Production at Articneft is being maintained at 1,096 bbls/day,
and we plan to make two cargo deliveries from our sea terminal in
May/June 2017 and September/October 2017. We are reviewing the well
data from the recently acquired Artic Oil and will be preparing a
new development plan. We expect to conduct 3 or 4 well workovers at
Articneft during 2017.
Competent Person's Report
In view of our acquisitions during 2016, we plan to commission a
new Competent Person's Report during 2017. We propose to do so once
our new development plans, as mentioned above, are completed.
Andrew Shrager, Chairman, commented: "We are able to commit to
these drilling operations across our portfolio due to our continued
production efficiency and positive cash generation at current oil
prices and FX rates. The one factor which may cause us to slow the
rate of drilling is possible changes in the taxation of oil and gas
companies operating in Russia for 2017, for which we have to wait
for information until next month or early next year."
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
Leonid Dyachenko, Interim 0300
Chief 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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