Urals Energy Public Company Limited Shareholder update (2620G)
28 Febbraio 2018 - 2:11PM
UK Regulatory
TIDMUEN
RNS Number : 2620G
Urals Energy Public Company Limited
28 February 2018
28 February 2018
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Shareholder update
The board ("Board") of Urals Energy PCL (AIM: UEN), the
independent oil and gas exploration and production company with
operations in Russia, is today providing an update for its
shareholders.
The Board notes the general strength in oil prices seen over the
last months and believes this may have led to renewed investor
interest in oil producers generally, including oil and gas
companies operating in Russia and the Former Soviet Union.
The Company's recent levels of oil production are in line with
management's expectations. The Company continues to progress its
various operational and drilling programmes and is working towards
pursuing its strategic plans for 2018, as announced on 14 November
2017. In line with this, the Company continues to explore
opportunities for partnerships to manage the development of certain
of its assets.
Drilling at the Company's first well at the South Dagi field on
Sakhalin Island continues in line with management's expectations,
which took account of anticipated potentially difficult weather
conditions in the first quarter that did indeed occur, limiting
logistics and operations. As announced on 6 February 2017, it is
anticipated that this well's target depth of 2,200 meters will be
reached during the second quarter of 2018.
The Board expects that the next tanker shipment for export from
Arcticneft on Kolguyev Island will likely be before the end of the
second quarter of 2018.
The Company has previously made a number of announcements
regarding the commissioning of Blackwatch Petroleum Services to
prepare a Competent Person's Report on the Company's portfolio of
licences. All of the Company's licences and operations are located
in Russia, and therefore Russian State Registered reserves have
represented the main official data set for a number of licences in
the Company's portfolio. Russian State Registered reserves are not
an acknowledged Standard for the reporting of reserves under the
AIM Guidance Note for Mining, Oil and Gas Companies, although the
Company has provided estimates, where available, of the broad
equivalence of Russian State Registered reserves to the Society of
Petroleum Engineers classification in its announcements. A stated
main objective of the Competent Person's Report is a formal and
independent appraisal of the Company's entire portfolio of licences
under the international Society of Petroleum Engineers
classification.
Blackwatch Petroleum Services' analysis of the Company's South
Dagi licence was concluded in late 2017, and on 21 December 2017,
the Company announced that Blackwatch Petroleum Services has
estimated the mean total 2P reserves at South Dagi to be
approximately 23.5 million barrels of oil across six reservoirs,
when assessed under the International Society of Petroleum
Engineers classification.
The Company is still working with Blackwatch Petroleum Services
and has not yet received a draft of Blackwatch Petroleum Services'
Competent Person's Report on the Company's entire portfolio of
licences in the intended final basis of preparation. However, based
on the draft underlying data that has been received from Blackwatch
Petroleum Services to date, the Board currently believes that the
main finding of the final Competent Person's Report will be an
independent confirmation in line with the reserves information that
the Company has already published to date, but prepared under the
International Society of Petroleum Engineers classification.
Further announcements will be made as appropriate.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman Tel: +7 495 795 0300
Leonid Dyachenko, Chief Executive
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
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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