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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8308F Urals Energy Public Company Limited 07 July 2006 For Immediate Release URALS ENERGY PUBLIC COMPANY LIMITED Award of Deep Exploration Rights at Peschanoozersky Field AIM traded Urals Energy ("Urals" or "the Company"), a leading independent exploration and production company with operations in Russia, announces its wholly-owned subsidiary, ZAO Arcticneft which operates the Peshanoozersky Field on Kolguyev Island in the Barents Sea. , has been awarded by the Russian Ministry of Natural Resources the right to test zones, without any depth limitations, below the existing Lower Triassic horizon in the Peschanoozersky Field. The Russian Federal Agency of Subsurface Use has extended the license for the Peschanoorzersky Field to allow the testing of zones below the existing Charkobozhskaya Suite in the Lower Triassic Horizon. The amendment to the license has been made at no cost to the Company. Based on the results of a 1986 test well which tested the deeper Permian horizon, Urals Energy expects to develop a new zone with significant hydrocarbon potential. Well No. 29 tested approximately 180 barrels of oil per day when drilled in 1986. Geologic data indicate that the well penetrated the edge of a Permian-age reef structure at 2,743-2,761 meters TVD. Urals Energy plans to test the Permian horizon by re-entering Well No. 29, run a Vertical Seismic Survey to confirm the structure, and drill a side-track wellbore. Based on the results of this re-entry, it is expected several new exploratory well locations will be identified and further drilling will commence in 2007. Based on the results of the exploratory program, an application for a production license for the Permian horizon will be made and a reserve report by DeGolyer & MacNaughton will be commissioned. According to a 1986 report by the Peschanoorzersky Field's prior owner, possible or C3 (Russian State reserve category) reserves for the deeper Permian horizon were estimated to be 6 million tons or approximately 48 million barrels. Urals Energy already plans to drill four development wells in the Peschanoozersky Field in the second half of 2006. William R. Thomas, Chief Executive Officer, commented: "The Arcticneft license extension is yet another example of the undeveloped potential of Urals Energy's asset base. By applying good geo-science to an existing field, we are delivering the potential for significant reserve and production increases with very attractive economics. This also demonstrates the value of a diversified portfolio of producing and exploration assets in Russia". 7 July 2006 Pelham PR James Henderson 020 7743 6673 Gavin Davis 020 7743 6677 This information is provided by RNS The company news service from the London Stock Exchange END MSCSSEFAMSMSEIW
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