Urals Energy Public Company Limited Operational update (9786G)
11 Agosto 2016 - 5:07PM
UK Regulatory
TIDMUEN
RNS Number : 9786G
Urals Energy Public Company Limited
11 August 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
11 August 2016
Urals Energy PCL
("Urals Energy" or the "Company")
Operational update
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, is pleased to make
the following announcements:
Tanker loading
The planned annual tanker shipment for export from Arcticneft on
Kolguyev Island has been successfully completed. The tanker has
left Kolguyev Island with 28,441 tons of crude oil (an equivalent
of 225,283 barrels).
Export finance
As announced on 25 May 2016, the Company entered into a secured
short-term loan agreement with Petraco Oil Company Limited
("Petraco"). The re-payment date for the US$6.0 million received
from Petraco under this agreement is linked to the shipment of the
tanker as described above. This indebtedness is anticipated to be
settled in the coming few weeks.
Well 109 and Drilling Programme for Petrosakh
Following the announcement on 15 March 2016 that Prokon, a
geological services company, had been appointed to assist the
Company with reviewing the data from Well 109 and monitoring its
development, it has been established that while oil is flowing as
expected from the Pilenga Formation at a depth range of 1,700 to
1,842 m, high pressure water has continued to flow from outside the
casing. A workover using liquid glass has been conducted and is to
be followed by cement bridges as part of a further workover.
The next two wells are to be drilled in the central block of the
oil field with the objective of raising reservoir pressure and
increasing the flow rate within the area.
The section of this release with respect to Well 109 has been
approved by Mr Vasily Nikoluk, Chief Geologist, a graduate of the
Ivano Frankivsk University, the former head of department at
Gazpromneft and a qualified person, in accordance with the guidance
note for Mining, Oil & Gas Companies, issued by the London
Stock exchange in respect of AIM companies, which outlines
standards for disclosure for oil companies.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman Tel: +7 495 795 0300
Leonid Dyachenko, Interim Chief Executive Officer www.uralsenergy.com
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328 5656
Alex Brearley www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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