Urals Energy Public Company Limited Expansion of Arcticneft License Area (5075B)
07 Octobre 2015 - 10:33AM
UK Regulatory
TIDMUEN
RNS Number : 5075B
Urals Energy Public Company Limited
07 October 2015
Press Release 7 October 2015
Urals Energy PCL
("Urals Energy" or the "Company")
Expansion of Arcticneft License Area
Urals Energy PCL (AIM: UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce that, following the payment of a royalty of RR27.5 million
to the Russian regulatory authorities, the Company has been granted
an additional license by the Russian regulatory authorities that
has expanded the boundaries of its license area at Arcticneft by an
additional 48.7 square kilometres. As a result of this expansion
Urals Energy's Arcticneft license area now covers a total of 158.7
square kilometres.
The additional license area forms part of the same geology as
the Company's existing license area at Arcticneft. The Company will
undertake geological studies in the new license area and, depending
on the results, will incorporate the additional license area into
its Development Plan for the existing license area. The updated
Development Plan will be reviewed by Miller & Lenz as part of
an update of the Company's reserves next year.
The new license area has publicly disclosed Russian State
Registered ABC1 reserves of 1.3 million tonnes (10.3 million
barrels of oil). These reserves figures have not been reviewed in
accordance with the AIM Guidance Note for Mining, Oil and Gas
Companies and the Company plans to get a review undertaken, in
accordance with an appropriate Standard, by a Competent Person as
soon as practicable.
The acquisition of this additional license area is consistent
with the Company's stated strategy, as set out in the Company's
recent interim results announcement. This strategy involves the
acquisition of additional license areas in Russia for modest
initial payments, with limited initial obligations and where the
Company has knowledge of the area concerned.
Further announcements will be made in due course.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Brearley www.allenbycapital.com
Media enquiries:
Abchurch
Quincy Allan Tel: +44 (0) 20
7398 7710
uralsenergy@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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