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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:4633Y Urals Energy Public Company Limited 15 June 2007 Urals Energy Public Company Limited ("Urals Energy" or the "Company") Urals Energy signs Memorandum of Cooperation with Gazprom Urals Energy, a leading independent exploration and production company with operations in Russia, today announces the signing of a Memorandum of Cooperation with Gazprom, the world's largest gas company. The Memorandum states that Gazprom and Urals Energy have reached an agreement on future cooperation in the areas of production and marketing of gas from the Dulisma field owned by Urals Energy. According to the Memorandum, Urals Energy will ensure that the Dulisma field is developed according to the company's stated development plan and is scheduled to be on commercial production in 2008-2009. When this occurs, Urals Energy and its affiliates or subsidiaries will sell natural gas from the Dulisma field to Gazprom. The parties will also consider cooperation in production of LPG products plus other mutual infrastructure projects, such as pipelines and power generation. The Memorandum also states that both parties may consider cooperating in other mutually beneficial ways. The Dulisma field is one of Urals Energy's major assets with gas reserves of 1.9m tcf (condensate 46 mmbo and gas 323 mmboe reserves) all now fully booked as proved and probable. The field also enjoys a 10 year tax holiday for the period between 1 January 2007 and 31 December 2016. This tax holiday is estimated to produce savings of approximately $308 million over the 10 year period and further exemplifies the importance of this asset to Urals Energy. Leonid Dyachenko, Chief Executive of Urals Energy, commented: "Urals Energy is proud to be one of a select number of companies to sign an agreement with Gazprom and we look forward to working with them to further develop local infrastructure and unlock the potential of the Irktursk region. This landmark agreement is a significant milestone for Urals and its key asset and with this agreement we have now delivered on all stated plans for this field. We are now focused on delivering to our operational timeline and look forward to entering this attractive gas market. 15 June 2007 Enquiries: Pelham PR James Henderson +44(0)20 7743 6673 +44(0) 777 4444 163 Gavin Davis +44(0) 20 7743 6677 +44(0)79 1010 4660 Notes to editors: Following completion of the Dulisma acquisition in June 2006, the Group has been actively executing its development programme targeting peak production of 30,000 bopd by 2011. This information is provided by RNS The company news service from the London Stock Exchange END AGRSFSFDISWSEIM
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