Operational Update (5858E)
June 01 2012 - 2:00AM
UK Regulatory
TIDMUEN
RNS Number : 5858E
Urals Energy Public Company Limited
01 June 2012
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
1 June, 2012
Operational Update
Urals Energy, the independent exploration and production company
with operations in Russia, today announces that Well #41 located in
the Petrosakh Field has been successfully completed, with
preliminary results showing approximately 140 bopd, which was
within the target range.
Following the successful result at Well #41, preparatory work
has now begun on Well #53 also located in the Petrosakh Field.
Investor site visit
During the last stages of completion of work on well #41, the
Company hosted representatives of Alpcot Capital Management Ltd,
Urals' largest investor. The representatives visited all existing
wells, the refinery, and had a chance to meet with the drilling
team, workers, and management on site and in Yuzhno-Sakhalinsk.
Full Year Results
Urals Energy will announce Full Year results for the year ended
31 December 2011 in the week commencing 4(th) June 2012.
Commenting on today's announcement, Alexei Maximov, CEO
said:
"We are very pleased with the success at Well #41, which was in
part due to having benefitted from our experiences on Well #51.
Furthermore, this is a strong endorsement of the potential of our
acreage and the ability of the strengthened team to deliver
positive results on time and within budget. As we continue to focus
on the development of our Petrosakh and Arcticneft assets the next
phase of the development drilling campaign is already underway with
preparation for Well #53.
We are happy with the changes that have been recently made at
Petrosakh, including the hiring of new professionals and
adjustments to shifts schedule. The company is committed to
continue improving its operations."
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
------------------------------------- ---------------------
Alexei Maximov
------------------------------------- ---------------------
Sergey Uzornikov
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Allenby Capital Limited +44 (0)20 3328 5656
------------------------------------- ---------------------
Nick Naylor
Alex Price
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Pelham Bell Pottinger +44 (0)20 7861 3232
------------------------------------- ---------------------
Mark Antelme
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Maria Blank
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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