Urals Energy Public Company Limited Operational update (8978F)
23 May 2017 - 4:01PM
UK Regulatory
TIDMUEN
RNS Number : 8978F
Urals Energy Public Company Limited
23 May 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
23 May 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 announced on 10th April 2017 the spudding of its
first well on its Ordymskiy block in the Komi Republic, held by its
wholly owned subsidiary RK Oil. It had been expected that the
target depth of 1,100 meters would be achieved in mid to late May
2017. The Company's drilling contractor, Vis-Mos Llc, a highly
experienced drilling company in the Komi region, has had to proceed
in the early stages of drilling more slowly than originally
planned, due to hard mineral layers within the geological structure
and delays in bringing additional equipment to the site due to the
melting of winter roads and slow drying of the access ground roads.
Operations can now proceed normally and it is expected that the
target depth will be achieved by early July 2017 and completion
will occur some two to three weeks later. The drilling contract is
on a fixed sum basis and thus the delay will not cause additional
expense to the Company.
Petrosakh
The Company announced on 18th April 2017, the spudding of well
130, with an intended target depth of 1,600 meters. Good progress
has been made and drilling has reached 1,100 meters. The Company
expects to reach the target depth by mid-June 2017. The drilling
operation is being carried out by Urals own team and drilling
rig.
Arctineft
The planned first shipment of approximately 30,000 tons of oil
(237,000 barrels), is scheduled for the third week of June
2017.
- 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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