Urals Energy Public Company Limited Expansion of Arcticneft License Area (5075B)

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: [phone] 
                                              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 
 [e-mail]   www.abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 07, 2015 04:33 ET (08:33 GMT)