Urals Energy Public Company Limited Operational update (6785L)
21 July 2017 - 1:08AM
UK Regulatory
TIDMUEN
RNS Number : 6785L
Urals Energy Public Company Limited
20 July 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
20 July 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:
Arcticneft
The Company has received payment from Petraco Oil Company
Limited following its recent tanker shipment. As announced on 21
June 2017, the loan provided by Petraco Oil Company Limited,
including accrued interest, has now been settled in full.
The Company is planning to make a second tanker shipment in late
October of this year.
Petrosakh
Well 130
Following the announcement on 23 May 2017, drilling has
penetrated 190 metres of pilling. The bottom of the drill hole
reached the pilling rock formation at a depth of 1,787 metres. At
the moment the logging of well 130 is proceeding. The Company's
plan is to test the reservoir over the next few weeks and complete
well 130 over the following weeks. The Company has drilled well 130
with caution to ensure that the problems that the Company had
previously encountered during the drilling of well 109 are avoided.
A further announcement will be made in due course in respect of any
liquids or gases recovered from well 130.
The Company has contracted to lease a modern rig for its South
Dagi licence area and expects that mobilisation to the field will
be completed by the end of September 2017. In parallel the
Company's team will make preparations to spud the well.
Komi Republic.
As announced on 23 May 2017, our contractor, Vis-Mos Llc, had
made slow progress in drilling the first well at RK Oil. Subsequent
progress has been similarly slow, with what would appear to be a
poorly managed team. The Company has decided to terminate the
drilling contract with Vis-Mos Llc and seek compensation for the
Company's costs. The contract was on a turnkey basis, but some
mobilisation costs were incurred by the Company. The Company is in
the process of seeking an independent supervisor and new contractor
to continue the drilling.
As disclosed at the time of the acquisition of RK Oil in
November 2015, the Russian State registered possible recoverable
resources (D1) are estimated at 25 million barrels of recoverable
oil. This represents a substantial opportunity in terms of
potential production, requiring the drilling of up to six
exploration wells. The Company is therefore reviewing a number of
options for the way forward for RK Oil's development. These include
tendering a contract for a new single well or preferably a
multi-well operation with a new contractor, or entering into a risk
sharing partnership with a major oil services company to jointly
develop the field.
Reserve Report
As announced on 30 March 2017, the Company has engaged
Blackwatch Petroleum Services to carry out an update of our
reserves. Work will commence shortly and a report is expected in
later this year.
Dr Svyatoslav Bilibin, (Dr.Sci.Tech. and Corresponding Member of
the Russian Academy of Natural Sciences), an independent adviser to
Urals Energy, 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. The resources figures contained within this
announcement have not been reviewed in accordance with the AIM
Guidance Note for Mining, Oil and Gas Companies and, as referenced
above, the Company plans to have a review of the Company's assets,
in accordance with an appropriate Standard in an updated Competent
Person's Report, which the Board has commissioned in for
publication in 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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