18 April 2017
Urals Energy PCL ("Urals Energy" or the "Company")
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
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.
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.
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.
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman
Leonid Dyachenko, Interim Chief Executive Officer
Sergey Uzornikov, Chief Financial Officer
Tel: +7 495 795 0300, www.uralsenergy.com
Allenby Capital Limited, Nominated Adviser and Broker
Nick Naylor / Alex Brearley
Tel: +44 (0) 20 3328 5656, www.allenbycapital.com