TIDMUEN

RNS Number : 5587D

Urals Energy Public Company Limited

30 January 2015

 
 Press Release   30 January 2015

Urals Energy PCL

("Urals Energy" or the "Company")

Operational update

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce the following update on its operations at ArticNeft and Petrosakh as well an update on the litigation:

ArticNeft

Perforation of four wells of its six well work over programme has been successfully completed. Calibration of pumps to optimise the production rate is in progress.

Petrosakh

On well # 112, cementing of the casing is being undertaken, prior to drilling the pay zone.

Petrosakh refinery

The damage to the control equipment of the column has been fully assessed and it is expected that replacements with equipment provided by Siemens will be completed in approximately two months. However, the refinery is expected to be brought into operation in a manual regime within the next two weeks.

Litigation update

The Company has won its case against the appeal made by KNGF in the matter of its outstanding loan to KNGF, equivalent to approximately $500,000 and expects the court in the first instance to issue the order for its collection in mid-February. As announced on 13 January 2015, all litigation in the matter of the ADRA and the Arbitration Award has been terminated.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief Executive Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                            Tel: +44 (0) 20 
                                              3328 5656 
 Alex Price                      www.allenbycapital.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham /                  Tel: +44 (0) 20 
  Quincy Allan                                  7398 7710 
 quincy.allan@abchurch-group.com   www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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