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Urals Energy Announces Operational Update

Source: www.gulfoilandgas.com 10/31/2017, Location: Asia

AIM-listed Urals Energy, the independent exploration and production company with operations in Russia, has provided the following operational updates:

Tanker loading
The loading of the second annual tanker shipment for export from Arcticneft on Kolguyev Island has been successfully completed. The tanker has been loaded with 23,951 gross tons of crude oil (an equivalent of 189,213 barrels). The tanker has left Kolguyev Island today.

Pre-export short term loan finance arrangement
As announced on 7 September 2017, the Company has previously entered into a secured short-term loan agreement with Petraco Oil Company. The re-payment date for the US$3.0 million received from Petraco under this agreement is linked to the shipment of the tanker as described above. This indebtedness is anticipated to be settled in the coming weeks.

South Dagi
The drilling rig and drilling team are at the South Dagi (Sakhalin Island) drilling site and preparations for drilling are reaching an advanced stage. Representatives of the rig's supplier will arrive at Sakhalin Island in a week's time to complete the assembly and checking of equipment and to perform staff training. Further announcements will be made in due course.

The Company's current operations are Articneft based on Kolguyev Island in the Barents Sea and Petrosakh on the Eastern coast of Sakhalin Island in the North Pacific Ocean.

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