23 May 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 Company announced on 10th April 2017 the spudding of its first well on its Ordymskiy block in the Komi Republic, held by its wholly owned subsidiary RK Oil. It had been expected that the target depth of 1,100 meters would be achieved in mid to late May 2017. The Company's drilling contractor, Vis-Mos Llc, a highly experienced drilling company in the Komi region, has had to proceed in the early stages of drilling more slowly than originally planned, due to hard mineral layers within the geological structure and delays in bringing additional equipment to the site due to the melting of winter roads and slow drying of the access ground roads. Operations can now proceed normally and it is expected that the target depth will be achieved by early July 2017 and completion will occur some two to three weeks later. The drilling contract is on a fixed sum basis and thus the delay will not cause additional expense to the Company.
The Company announced on 18th April 2017, the spudding of well 130, with an intended target depth of 1,600 meters. Good progress has been made and drilling has reached 1,100 meters. The Company expects to reach the target depth by mid-June 2017. The drilling operation is being carried out by Urals own team and drilling rig.
The planned first shipment of approximately 30,000 tons of oil (237,000 barrels), is scheduled for the third week of June 2017.
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman
Leonid Dyachenko, 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
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