Urals Energy: 1H Results – Working to Halt Production Decline
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce its half-year results for the six months ended 30 June 2014. Operational Highlights Total production at Arcticneft reached 118,958 barrels (H1-2013: 125,651 barrels). Total production at Petrosakh reached 210,435 barrels (H1-2013: 240,533 barrels). Current …
Urals Energy: $41m Debt Claim Dismissed in Russia – Cypriot Claim Launch Expected
Urals Energy PCL, the independent exploration and production company with operations in Russia, announces that on 21 July 2014 the Moscow arbitration court dismissed the claim of UEN Cyprus Limited in respect of a case to recover the sum of US$41,652,000 from Urals Energy (the “Claim”) on jurisdictional grounds. Further …
Urals Energy: Adler Impex Increases Share Holding And Remains Supportive of the Management Team
Urals Energy PCL, the independent exploration and production company with operations in Russia, announces that it has today received notice from Adler Impex S.A. (“Adler”) that following certain share acquisitions on 3 July 2014 it now holds 112,561,386 shares in the Company representing 44.59% of the current issued share capital. Adler …
Urals Energy: Petrosakh Drilling Update
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that the flow rate for Well #53 has been successfully established and remains stable at around 70 bbls per day. At the same time, drilling of Well #112 is underway and has reached the …
Urals Energy: Buyer Pulls Out
On 14 October 2013, Urals Energy, the independent exploration and production company with operations in Russia, announced that it had received a non-binding letter of intent from a third party, whom the Board and the Company’s advisers considered to be highly credible, setting out the third party’s intention (subject, inter …
Urals Energy: Raided by Police, Possibly Connected to Alleged Outstanding Debt
Urals Energy, the independent exploration and production company with operations in Russia, announces that its Moscow office was visited by police officers towards the end of last week. During the visit a number of files were removed. The directors of Urals Energy (“the Board”) believe that the visit may be …
Urals Energy: Repays Remaining Loan to Petraco Oil Company
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that the Company has settled its remaining indebtedness to Petraco Oil Company (“Petraco”) totalling US$8.6 million. This settlement consists of US$3.0 million of the remaining interest payment outstanding in accordance with the restructuring agreement …
Urals Energy: Torbjorn Ranta Resigns as Board Member
Urals Energy, the independent exploration and production company with operations in Russia, announces that Torbjorn Ranta has resigned as a director of the Company with immediate effect. Alexei Maximov, Chief Executive Officer of Urals Energy commented: “Following the exit of Alpcot Capital Management (as one of the requisitioners of the …
Urals Energy: Tanker Marginally Light Loaded Due to Storm Damage and Dismisses $41.6m USD Debt Claim
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce the following operational update. Petrosakh As announced on 1 November 2013, drilling at Well #53 in the Petrosakh field on Sakhalyn Island has been completed and the Company is pleased to report that the …
Urals Energy: Tanker Loaded as Company Aims to be Debt Free
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that the planned annual tanker shipment for export from Articneft on Kolguyev Island has been completed successfully. The tanker left Kolguyev Island on Saturday 9 November 2013 with 25,008 tons of crude (an equivalent …