Divestiture of Chepetskoye NGDU


 

TIDMUEN 
 
RNS Number : 3816N 
Urals Energy Public Company Limited 
16 February 2009 
 

 
 
 
 
 
 
 
 
 
 
Urals Energy Public Company Limited 
('Urals Energy' or the 'Company') 
 
 
 
 
Divestiture of Chepetskoye NGDU 
16 February 2009 
 
 Urals Energy Public Company Limited (LSE: UEN), an independent exploration 
and production company with operations in Russia, reports the divestiture of 
Chepetskoye NGDU, its producing subsidiary located in the Udmurtia Republic of 
Russia. 
Chepetskoye NGDU has been sold to a private third party buyer for an aggregate 
consideration equal to RUR 170.9 million (or US$5.2 million as of 28 January 
2009 - the reference date of the transaction terms and conditions). This 
consideration will be offset against an outstanding liability of the Company to 
the buyer which relates to a trade facility agreement between the Company and 
the buyer involving sales of domestic crude oil. 
The Company retains an option to buy-back the asset within a one year time-frame 
for the same consideration and will only do so should the Directors consider 
this to be value enhancing for shareholders on a short term basis and in the 
context of the Company's intention to dispose of all its remaining assets. 
The Chepetskoye NGDU's total proved and probable reserves, according to the 
Company's most recent reserve report by DeGolyer & MacNaughton, are 19.5 million 
barrels of oil for the three fields owned by Chepetskoye NGDU, of which 3.1 
million barrels relates to the Zotovskoye field where production was suspended 
as of 1 August 2008 following a Rosnedra order triggered by the reservoir 
pressure decrease below the permissible level. At this time certain reservoir 
pressure maintenance measures are being undertaken at Zotovskoye. Over the last 
quarter of 2008 and the first month of 2009, operating expenses at Chepetskoye 
NGDU exceeded the value of sales as a result of the steep decline in the crude 
oil price and other factors. 
 
 
 
 
Enquiries: 
+-------------------------+-----------------------+--------------------------+ 
| Pelham PR               |                       |                          | 
+-------------------------+-----------------------+--------------------------+ 
| Evgeniy Chuikov         |                       | +44(0)20 3008 5506       | 
+-------------------------+-----------------------+--------------------------+ 
| Mark Antelme            |                       | +44(0)20 3178 6242       | 
+-------------------------+-----------------------+--------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCFGGMZFVZGLZM

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