Urals Energy Public Company Limited: Publication of Reserves Report
Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, is pleased to announce the results of its recent reserves report prepared as at 1 January 2014 by Miller and Lents, Ltd. (“Miller and Lents”) in relation to its in Petrosakh and Arcticneft.
A summary of the Miller and Lents report will be available shortly on the Company website: www.uralsenergy.com
The aggregate results of the evaluation for the two fields are summarised below:
Net Reserves | Future Net Revenues | |||
Reserves category |
Oil, M Bbls. |
Oil, M Tonnes |
Undiscounted M US$ | Disc at 10% Per Year, M US$
|
Proved Developed Producing |
4,356 |
565 |
95,364 |
65,808
|
Proved Developed Nonproducing | 1,734 | 216 | 30,039 | 19,702
|
Proved Undeveloped | 25,637 | 3,225 | 441,239 | 176,036
|
Other Capital and Property Taxes | -79,694 | -30,780
| ||
Total Proved |
31,727 |
4,005 |
468,949 |
230,765 |
Probable |
14,618 |
1,827 |
250,802 |
81,783 |
Possible |
4,411 |
554 |
110,791 |
37,279 |
Alexei Maximov, Chief Executive, commented: “The Board believes that the Reserve Report by Miller and Lents provides a conservative estimate of the reserve base. In addition, the report provides solid ground for future development of both fields as well as confirming the existing programme aimed at reducing the natural decline in production, implemented by the Company.”
Vasiliy Devyatov, (Dr.Sci.Tech.), an independent adviser to Urals Energy, who meets the criteria of a qualified person under the AIM Rules – Note for Mining and Oil & Gas Companies, has reviewed and approved the technical information contained within this announcement.
