Urals Energy: Petraco Loan Settled Plus Petrosakh Well 54 on Further Test
Urals Energy PCL, the independent exploration and production company with operations in Russia, is pleased to provide the following updates.
Petraco Loan
Further to the Company’s announcements on 29 May 2015 and 1 September 2015, the Company confirms that the loan provided by Petraco Oil Company Limited including accrued interest has now been settled in full.
Petrosakh Well 54
Further to the update on 25 September 2015, the Company announces that production testing at Well 54 at Petrosakh has commenced, which has demonstrated an initial flow rate. Additional equipment is to be installed at the well over the coming weeks and the Company expects to be in a position to provide a more definitive indication of the well’s expected production rate in due course.
