Operational Update

 

TIDMUEN 
 
RNS Number : 8869V 
Urals Energy Public Company Limited 
10 November 2010 
 

10th November 2010 
                      Urals Energy Public Company Limited 
                        ('Urals Energy' or the 'Company') 
 
                               Operational update 
 
 
Urals Energy, the Russian focused oil & gas exploration and production company, 
are today providing investors with an operational update. 
 
The Board of the Company are pleased to report that the drilling of the side 
track well, 35b, at Petrosakh has now been completed and completion activities 
are being undertaken. Final flow rates will be announced next week once these 
have been fully assessed by the Company's management. Current daily levels of 
production at Petrosakh are 1,611 BOPD. 
 
 
The loading of the second tanker in the amount of 25,999 metric tons at 
Arcticneft has also been completed. The price for the tanker was set at the 
level of the October average price of $82.744 and a premium of $1.020/bbl. The 
full tanker was shipped before 1st November 2010 therefore meaning the company 
paid export duty at a lower rate of $266.5/mt instead of $290.60/mt, which is 
the November average price. 
 
Proceeds of the sale will be received within a week and a repayment of $3 
million will be made to Petraco in line with amended debt repayment structure 
previously announced. 
 
Further operational updates will be made as appropriate. 
 
 
 
Enquiries: 
 
+---------------------------------+--------------------------------+ 
| Urals Energy Public Company     | [phone]               | 
| Limited                         |                                | 
+---------------------------------+--------------------------------+ 
| Alexei Maximov                  |                                | 
+---------------------------------+--------------------------------+ 
| Grigory Kazakov                 |                                | 
+---------------------------------+--------------------------------+ 
|                                 |                                | 
| Allenby Capital Limited         | [phone]            | 
+---------------------------------+--------------------------------+ 
| Nick Naylor                     |                                | 
| Alex Price                      |                                | 
+---------------------------------+--------------------------------+ 
|                                 |                                | 
+---------------------------------+--------------------------------+ 
| Pelham Bell Pottinger           | [phone]            | 
+---------------------------------+--------------------------------+ 
| Mark Antelme                    |                                | 
+---------------------------------+--------------------------------+ 
| Jenny Renton                    |                                | 
+---------------------------------+--------------------------------+ 
 
 
                                      ENDS 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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