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Urals Energy Updates Operations at Arcticneft & Petrosakh

Source: www.gulfoilandgas.com 7/23/2015, Location: Asia

Urals Energy PCL (UEN), the independent exploration and production company with operations in Russia, announces that all of the resolutions put to shareholders at the Annual General Meeting held in Cyprus earlier today were duly passed.

The Company is pleased to announce the following update on its operations at Arcticneft and Petrosakh.

Arcticneft:
Total production for the six months ended 30 June 2015 reached 124,697 barrels which is 4.8% higher than for the same period of 2014. As previously announced the Company's workover programme at Arcticneft has been successful and is proceeding in accordance with the Board's schedule. Current average daily production at Arcticneft is 725 BOPD (H1 2014: 690 BOPD). The Company expects to make its annual shipment from Arcticneft in August 2015. The current accumulated volume of crude in stock is approximately 24,100 tons.

Petrosakh:
In accordance with the drilling plan announced in the Final results on 19 June, the Company has commenced the drilling of Well #54 and, as of now, drilling is completed to a depth of 300 meters. The well testing is expected to commence before the end of September 2015.

The Company recently finalised replacement and testing of the electrical control equipment at Petrosakh and the refinery is now back in electronic operation (having previously been operated manually).

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