Urals Energy Public Company Limited South Dagi update (1824C)
27 Settembre 2018 - 12:42PM
UK Regulatory
TIDMUEN
RNS Number : 1824C
Urals Energy Public Company Limited
27 September 2018
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
27 September 2018
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
South Dagi update
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, provides the
following update in respect of its drilling activities at South
Dagi.
Further to the Company's announcement on 10 September 2018, the
Board views the initial results of the analysis of core samples
taken from its first exploratory well - Well No 1, as being
promising and considers that these results provide indications of a
potentially significant discovery. The analysis of the core samples
taken from 950 to 1,500 meters of Well No 1 shows that in nine
horizons there are shows of hydrocarbons with good porosity, with
total net pay of 154 meters.
However, the full testing of Well No 1, which is required to
confirm its significance, will be delayed for at least two months,
due to a collector pipe becoming stuck in the well below 1,100
meters during the completion process. Removing this pipe will
require special equipment that is manufactured and available in
Russia, which is required to be brought to the Island. The recovery
work will then be carried out by the Group's own work over rig, so
that the Group's new rig can be moved from Well No 1 to an already
prepared site for our second exploratory well, Well No 2.
In the meantime, the work over rig will re-enter Well No 12, to
establish this well as a water injection well, which will be linked
to the earlier Well No 7, the results of which were announced on 19
June 2018. Well No 7 has been producing 225 bbls/day from horizons
mirroring those of Well No 1. Well No 7 has also produced
significant water, which had to be separated at our Petrosak
refinery. The Company's intention is to set up a water separation
plant at South Dagi, and re-inject the water into Well No 12 once
the work over is complete. In the meantime, Well No 7 has been shut
in.
Mr Vasily Nikoluk, Urals Energy's Chief Geologist, a graduate of
the Ivano Frankivsk University and the former head of the geology
department at Gazpromneft, 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.
- 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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