Urals Energy Public Company Limited Operational Update (9280R)
01 Novembre 2013 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 9280R
Urals Energy Public Company Limited
01 November 2013
Press Release 1 November 2013
Urals Energy PCL
("Urals Energy" or the "Company")
Operational Update
Urals Energy (AIM:UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce the following update on its operations at Petrosakh and
Articneft assets as well as the Board's preliminary findings on the
Alleged Debt Repayment Agreement.
Petrosakh
As outlined in the Circular posted to shareholders on 14 October
2013, the Company is pleased to report that drilling at Well #53 in
the Petrosakh field has now been completed and it is currently
undergoing preparation for production. Flow rates for Well #53 will
be released once they have been established.
Articneft
The planned annual tanker shipment for export from Kolguyev
Island is now underway. Weather permitting loading should be
concluded by 10 November 2013 at which time the Company will
announce the volume and value of the shipment. The shipment of this
tanker ties in with the payment date for the remaining interest
payment outstanding to Petraco Oil Company Limited which totals
approximately US$3.0 million together with US$5.7 million repayable
under the short term loan received from Petraco earlier this year.
This remaining indebtedness is anticipated to be settled before the
end of 2013 at which point the Company will be entirely debt
free.
Urals Energy has now concluded its preliminary review of the
results of the Passive Seismic Spectroscopy and a separate
Micro-Seismic survey (together the "Surveys") which have been
carried out recently over a selected area in the Western block of
the Company's Arcticneft asset on Kolguev Island. A link to a PDF
copy of the summarised version of the Passive Seismic Spectroscopy
survey is below.
http://www.rns-pdf.londonstockexchange.com/rns/9280R_-2013-10-31.pdf
The Board believes that the preliminary review of the results
show the possibility of significantly increasing production at
Arcticneft from the current horizons with limited capital and
operational expenditure. This is based on five main trends of
hydrocarbon potential as revealed by the results of the Surveys and
is consistent with the Company's existing exploration strategy. The
Company has issued requests for proposals to Miller & Lents and
Degolyer MacNaughton for the reassessment of reserves to be
conducted over the next few months at which point a further
announcement will be made.
Carlo Brentari, senior geologist of GeoDynamics Worldwide
S.r.l., who holds a degree in Geology from the University of
Padova, Italy and a Masters in Energy and Environmental Management
and Economics from Eni Corporate University, Milan, Italy, has
reviewed the Surveys together with this announcement.
Alleged Debt Repayment Agreement ("ADRA")
Subsequent to the announcement made by the Company on 23 October
2013, the Board established an internal committee consisting of
three non-executive directors to look into the ADRA.
The internal investigation, which has focused on legal,
financial and procedural aspects of the ADRA, has concluded that
the document is a forgery with no consequences for the Company.
The Company has asked its counsel Akin Gump Strauss Hauer &
Feld LLP to perform an outside investigation of the nature of the
ADRA, in particularly the circumstances of how the Board came to be
made aware of it as well as its use by third parties. The Company
is committed to exploring all means available to it in order to
secure the prosecution of those parties who have attempted to use
this document and its attempts to threaten the Board and also the
Company.
The final results of the investigation and subsequent legal
measures against those parties will be reported within the next two
weeks.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7702
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
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