Urals Energy Public Company Limited Result of AGM and Trading Update (8731T)

TIDMUEN

RNS Number : 8731T

Urals Energy Public Company Limited

23 July 2015

 
 Press Release   23 July 2015 
 

Urals Energy PCL

("Urals Energy" or the "Company")

Result of AGM and Trading Update

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that all of the resolutions put to shareholders at the Annual General Meeting held in Cyprus earlier today were duly passed.

The Company is pleased to announce the following update on its operations at Arcticneft and Petrosakh.

Arcticneft

Total production for the six months ended 30 June 2015 reached 124,697 barrels which is 4.8% higher than for the same period of 2014. As previously announced the Company's workover programme at Arcticneft has been successful and is proceeding in accordance with the Board's schedule. Current average daily production at Arcticneft is 725 BOPD (H1 2014: 690 BOPD). The Company expects to make its annual shipment from Arcticneft in August 2015. The current accumulated volume of crude in stock is approximately 24,100 tons.

Petrosakh

In accordance with the drilling plan announced in the Final results on 19 June, the Company has commenced the drilling of Well #54 and, as of now, drilling is completed to a depth of 300 meters. The well testing is expected to commence before the end of September 2015.

The Company recently finalised replacement and testing of the electrical control equipment at Petrosakh and the refinery is now back in electronic operation (having previously been operated manually).

- 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 Price                      www.allenbycapital.com 
 
 
 Media enquiries: 
  Abchurch 
 Quincy Allan/ Viktoria Langley          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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