TIDMUEN

RNS Number : 2312T

Urals Energy Public Company Limited

02 October 2014

 
 Press Release   2 October 2014

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Publication of reserves report

Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, is pleased to announce the results of its recent reserves report prepared as at 1 January 2014 by Miller and Lents, Ltd. ("Miller and Lents") in relation to its in Petrosakh and Arcticneft.

A summary of the Miller and Lents report will be available shortly on the Company website: www.uralsenergy.com

The aggregate results of the evaluation for the two fields are summarised below:

 
                             Net Reserves           Future Net Revenues 
                                                                    Disc 
                                                                      at 
                           Oil,         Oil,       Undiscounted    10% Per 
   Reserves category      M Bbls.     M Tonnes        M US$         Year, 
                                                                    M US$ 
---------------------  ----------  -----------  ---------------  ---------- 
 
   Proved Developed 
   Producing                4,356          565           95,364      65,808 
 Proved Developed 
  Nonproducing              1,734          216           30,039      19,702 
 Proved Undeveloped        25,637        3,225          441,239     176,036 
 Other Capital and 
  Property Taxes                                        -79,694     -30,780 
---------------------  ----------  -----------  ---------------  ---------- 
 
   Total Proved            31,727        4,005          468,949     230,765 
---------------------  ----------  -----------  ---------------  ---------- 
 
   Probable                14,618        1,827          250,802      81,783 
 
   Possible                 4,411          554          110,791      37,279

Alexei Maximov, Chief Executive, commented: "The Board believes that the Reserve Report by Miller and Lents provides a conservative estimate of the reserve base. In addition, the report provides solid ground for future development of both fields as well as confirming the existing programme aimed at reducing the natural decline in production, implemented by the Company."

Vasiliy Devyatov, (Dr.Sci.Tech.), an independent adviser to Urals Energy, who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies, has reviewed and approved the technical information contained within this announcement.

- Ends -

For further information, please contact:

 
 
   Urals Energy Public Company 
   Limited 
 Alexei Maximov, Chief Executive       Tel: +7 495 795 
  Officer                                         0300 
 Sergey Uzornikov, Chief           www.uralsenergy.com 
  Financial 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 /              Tel: +44 (0) 20 
  Quincy Allan                              7398 7710 
 henry.ht@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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