Urals Energy Public Company Limited Operational update (6187C)

TIDMUEN

RNS Number : 6187C

Urals Energy Public Company Limited

18 April 2017

 
                             Dissemination of a Regulatory Announcement 
                              that contains inside information according 
                              to REGULATION (EU) No 596/2014 (MAR).

18 April 2017

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

Operational update

The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to provide the following operational update.

Petrosakh

The Group's drilling team has spudded Well 130, which is located on the main Petrosakh licence area on the Eastern coast of Sakhalin Island. The target depth is 1,680 meters and it is expected that this depth will be achieved in up to eight weeks. The Group is targeting the Pilenga horizon, the principal oil bearing horizon of the Okruzhnoe field. Further announcements in respect of Well 130 will be made as appropriate.

Arcticneft

Further to the announcement made on 30 March 2017, the Company is now in the advanced stages of negotiation regarding a new contract with the Petraco Oil Company for two export shipments from Articneft in 2017. At present the Company has approximately 31,000 tons (approximately 245,000 barrels) of commercial crude in stock. The first tanker shipment is expected in mid-June 2017.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
  Leonid Dyachenko, Chief                     0300 
  Executive Officer 
 Sergey Uzornikov, Chief       www.uralsenergy.com 
  Financial Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Brearley            Tel: +44 (0) 20 
                                              3328 5656 
                                 www.allenbycapital.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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