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Urals Energy Announces Sale of Non-core Assets in the Komi Republic

Source: www.gulfoilandgas.com 4/22/2008, Location: Asia

Urals Energy Public Company Limited reported the sale of certain of its non-core assets in the Komi Republic. The Company is in the process of streamlining its portfolio to focus on its major assets in East Siberia. In furtherance of these objectives the Company announced the sale of certain of its assets in the Komi Republic of Russia to a private third party buyer for a gross price of US$93.5 million payable in cash, adjusted for current working capital. The principal asset sold is the Company’s Dinyu limited liability company, but included are Russian limited liability companies Michayuneft, Nizhne Omrynskoye Neft, Verchne Omrynskoye Neft and Voyvozh Neft. The total proved and probable reserves for Dinyu and Michau, according to the Company’s most recent reserve report by DeGolyer & MacNaughton, are 21.8 million barrels of oil. Nizhne Omrynskoye, Verchne Omrinskoye and Voyvozh have C1 + C2 reserves of 27.8 million barrels of oil according to the Russian State reserves records.

Following the completion of this transaction both parties intend to cooperate further, with Urals Energy marketing the oil produced from the fields owned by the companies sold, charging a marketing fee to cover its costs in connection with the oil sales.

The rationalization of these non-core assets will enable the Company to concentrate more of its human, technical and financial resources on its East Siberian assets, including the Dulisminskoye Field, acquired in 2006, and its previously announced acquisition of up to 39.5% of Taas-Yuriakh Neftegazodobycha (“Taas”).

The net proceeds of the sale will be used to support the continued development of the Company’s assets and for general corporate needs.

The Company continues to evaluate possible disposals of other non-core assets.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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