Urals Energy restarts drilling well no.41, shares surgeReported by Proactive Investors on Monday, 23 April 2012 (on April 23, 2012)
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*Urals Energy (LON:UEN) *has restarted drilling well No.41 at Petrosakh on Russia’s Sakhalin Island, which it hopes will help rebuild the company’s fortunes.
Investors cheered the report, sending shares in Urals up 13 percent to 7.63 pence in early deals, valuing the company at £19.25 million.
The company expects to complete the drilling of well No.41 before the end of May, when it will decide on its future drilling plans including whether to finish well No.51 and drill additional wells in the southern part of the Okruzhnoye field.
The reasons for the historical operational problems at Petrosakh with wells No.35 and No.51 have been evaluated by Urals, resulting in personnel changes including the appointment of new vice president for operations and a drilling supervisor.
Additionally, the company is considering returning to export shipments from Petrosakh, particularly of refined products, as well as shifting emphasis to higher margin products sold on the local market.
At Arcticneft, which is currently producing at a rate of 800 barrels of oil per day, the company is developing a renewed drilling programme in preparation for the next planned shipment to Petraco, tentatively scheduled for October this year.
“We have been working hard on dealing with our past failures at Petrosakh and preparing the next phase of the development drilling campaign,” said chief executive of Urals Alexei Maximov.
“We hope that well No.41 will signal another important step in the rebuilding of Urals' fortunes as the company focuses on capturing the potential of its Petrosakh and Arcticneft assets.”
Meanwhile, Urals has reached a general understanding with Petraco about releasing some of their security of its assets, which is expected to take place over the coming months. Regarding the loan dispute with its former chairman Viatcheslav Rovneiko, the company said progress is being made and a decision of the London Court of Arbitration is expected before the end of June.
“The board is committed to resolving the outstanding legacy issues this year and to reporting to our shareholders a renewed and dynamic growth strategy for 2013 and beyond,” said Maximov.
Urals also said it appears that the authorities have not yet made a decision on the Tarkskoye deposit, but the “situation is being monitored” and the company will consider participating in the auction for the development licence once it is announced.
The company added that it continues looking at new opportunities including possible acquisitions and joint ventures.
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