Development Well #51 Drilling Results (7870O)
23 Septembre 2011 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 7870O
Urals Energy Public Company Limited
23 September 2011
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
23 September, 2011
Development Well #51 Drilling Results
Urals Energy (LSE: UEN), the independent exploration and
production company with operations in Russia, announces the results
of development Well #51 at Petrosakh, on the eastern coast of
Sakhalin Island.
During the first half of 2011 development Well #51 was spudded.
Target depth of 1,650 meters was reached in July 2011. However, as
a result of difficult geological conditions, while preparing to run
a production string, drilling equipment jammed the well, which
prevented completion.
A decision was subsequently made to test the upper horizon and a
moderate flow rate of 37 BOPD was recorded, confirming productivity
of the well. Consequently, a parallel well was drilled from a depth
of 1,370 meters. However, at a depth of 1,460 meters the decision
was made to plug and temporarily abandon Well # 51 due to the
difficult drilling conditions.
A further drilling update will be contained in the Company's
interims which the Board envisages will be released in the next few
days.
Commenting on today's announcement, Alexei Maximov, CEO,
said;
"This is clearly a disappointing result but we took the well as
far as was prudent and believe that our decision to temporarily
abandon it at this stage is the correct one. Production at the
other wells in Petrosakh and Arcticneft continue to deliver in line
with expectations. We look forward to updating the market more
fully at our half year results in the near future."
Enquiries:
Allenby Capital Limited
Nominated adviser and broker +44 (0)20 3328 5656
Nick Naylor
Alex Price
Pelham PR +44 (0)20 7861 3232
Mark Antelme
Maria Blank
This information is provided by RNS
The company news service from the London Stock Exchange
END
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