Urals Energy Public Company Limited Passive Seismic Survey at Articneft (1879K)
26 Juillet 2013 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 1879K
Urals Energy Public Company Limited
26 July 2013
Press Release 26 July 2013
Urals Energy PCL
("Urals Energy" or the "Company")
Passive Seismic Survey at Articneft
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, announces that a two
part Passive Seismic survey has been completed for Articneft on the
island of Kolguev by GeoDynamics Worldwide srl, and the Company
expects to receive the full results in late August / early
September.
A Passive Seismic Spectroscopy survey was carried out over the
West block, measuring 40 data points at 1000m spacing, and over the
East block, measuring 12 data points at a reduced spacing, both for
180 minutes recording time. Conditions were difficult due to the
presence of melting snow which affected both access to points as
well as coupling of the seismometers to the ground.
Separately a Passive Micro-Seismic survey was carried out over a
selected area in the West block, applying 10 measurement stations
for seven days. The field operations were completed in 30 days.
The results of the Spectroscopy survey will generate a
hydrocarbon distribution map of the two blocks, whereas the
micro-seismic will aim at locating the hypocenters of microtremors
which will be a complimentary tool for upgrading the structural
model of the subsurface of the West block.
Commenting on the passive seismic survey, Alexei Maximov, Chief
Executive Officer of Urals Energy, said: "Whilst the conditions
were challenging, we are pleased that the survey conducted by
Geodynamics has now been completed successfully at Articneft and
once we are in receipt of the full data we will make a further
update to the market. At Petrosakh, the drilling programme
continues to proceed according to plan, further information will be
released once drilling is finished and actual flow rate has been
confirmed.
"On 24 July, we were notified that Sberbank Capital hold a 7.4%
position in the Company and we are delighted to have the largest
bank in Russia on our list of shareholders."
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
quincy.allan@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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