UEN Urals EN.

RNS Number:4633Y
Urals Energy Public Company Limited
15 June 2007



                      Urals Energy Public Company Limited
                       ("Urals Energy" or the "Company")
           Urals Energy signs Memorandum of Cooperation with Gazprom


Urals Energy, a leading independent exploration and production company with
operations in Russia, today announces the signing of a Memorandum of Cooperation
with Gazprom, the world's largest gas company.


The Memorandum states that Gazprom and Urals Energy have reached an agreement on
future cooperation in the areas of production and marketing of gas from the
Dulisma field owned by Urals Energy.


According to the Memorandum, Urals Energy will ensure that the Dulisma field is
developed according to the company's stated development plan and is scheduled to
be on commercial production in 2008-2009. When this occurs, Urals Energy and its
affiliates or subsidiaries will sell natural gas from the Dulisma field to
Gazprom.


The parties will also consider cooperation in production of LPG products plus
other mutual infrastructure projects, such as pipelines and power generation.


The Memorandum also states that both parties may consider cooperating in other
mutually beneficial ways.


The Dulisma field is one of Urals Energy's major assets with gas reserves of
1.9m tcf (condensate 46 mmbo and gas 323 mmboe reserves) all now fully booked as
proved and probable. The field also enjoys a 10 year tax holiday for the period
between 1 January 2007 and 31 December 2016. This tax holiday is estimated to
produce savings of approximately $308 million over the 10 year period and
further exemplifies the importance of this asset to Urals Energy.



Leonid Dyachenko, Chief Executive of Urals Energy, commented:



"Urals Energy is proud to be one of a select number of companies to sign an
agreement with Gazprom and we look forward to working with them to further
develop local infrastructure and unlock the potential of the Irktursk region.



This landmark agreement is a significant milestone for Urals and its key asset
and with this agreement we have now delivered on all stated plans for this
field.



We are now focused on delivering to our operational timeline and look forward to
entering this attractive gas market.



                                                                    15 June 2007



Enquiries:


Pelham PR
James Henderson           +44(0)20 7743 6673            +44(0) 777 4444 163
Gavin Davis               +44(0) 20 7743 6677           +44(0)79 1010 4660



Notes to editors:



Following completion of the Dulisma acquisition in June 2006, the Group has been
actively executing its development programme targeting peak production of 30,000
bopd by 2011.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

AGRSFSFDISWSEIM

Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024

Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024