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Urals Energy Provides an Operational Update in Russia

Source: www.gulfoilandgas.com 10/14/2015, Location: Asia

AIM-listed Urals Energy, the independent exploration and production company with operations in Russia, has provided an update on its operations at ArticNeft and Petrosakh.

Petrosakh
Further to the update announced on 2 October 2015, the Company announces that production testing at Well #54 at Petrosakh has been completed. The well is flowing at a stabilized rate of 350 barrels of oil per day ('bbls/day'). This raises total production at Petrosakh to 1,464 bbls/day, compared with an average of 1,088 bbls/day for the six months ended 30 June 2015 (a 34.5% increase).

The Company is in the process of demobilising the drilling rig and this will be moved to the site of Well #109, which is expected to be spudded at the beginning of November 2015.

Arcticneft
Current production at Arcticneft is 687 bbls/day compared with an average of 689 bbls/day for the six months ended 30 June 2015. Following the recent export shipment, two wells have been temporarily shut to allow for planned workovers and this has led to a temporary reduction in daily production which had reached 716 bbls/day in August 2015.

Andrew Shrager, Chairman commented: 'The Board are delighted with the initial results at Well #54. We will continue to work towards optimizing our current assets, while assessing opportunities for future growth.'

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