Another FSU oiler that has come under Mitvol's wrath,which has been reputed.
Of 4 analysts 3 buy and one overweight,presently to buy 271.5p(i,m in).20day average 295.55p 52 week 352p.Have similar agreements with both Gazprom and Transneft,presently producing 9170bopd and confident of reaching 10,000bopd
year end.




Phttp://www.investegate.co.uk/Article.aspx?id=200710030904330420F
cyril

RNS out,nowhere near as bad as SP reaction would suggest,once the traders have been seen off we should start to climb?
imho
cyril

18 November 2010

Urals Energy Public Company Limited
("Urals Energy" or the "Company")

Settlement of First Petraco Installment and Operational Update
Urals Energy (LSE: UEN), an independent exploration and production company with
operations in Russia, announces that it has settled the first US$3 million
tranche due to Petraco Oil Company ("Petraco"), in accordance with the
Restructuring Agreement dated 12 April 2010. The settlement was made by means
of an off-set of Petraco debt to the Company for the crude oil delivered in
October 2010 from the Company's Arcticneft operations.
Drilling results
As was reported on 10 November 2010, the Company has completed drilling its
first side track well 35b at Petrosakh. The well was perforated in the interval
from 1,470 meters to 1,535 meters. Tubing was lowered to a depth of 1,478
meters, where material accumulated in the hole as a result of the
lost-circulation encountered while drilling through the pay zone prevented the
tubing from being run further down the hole.
The board is pleased to announce that the well is currently flowing naturally at
a rate of 20 tons per day (152 BOPD) with an 8% water cut on a 19mm choke. The
well has produced for six days and is still flowing back drilling fluid and
cuttings, as a result of the lost circulation encountered while drilling through
the pay zone. The Company will continue working towards removing the lost
circulation material from the well and commencing full scale production from the
perforated horizon. Considering the well's apparent high permeability,
(confirmed by the lost circulation in the pay zone), the Company will reassess
the use of pumps, or an upgrade in the pump type from the originally planned rod
pump to ESP should the well's final productivity warrant it. Further results of
performance of well 35b will be reported in due course.
Drilling of the next side track at Petrosakh will commence in January 2011,
given the time required for logistics, including bringing new drilling materials
to the site from the mainland.
Current production
Production at Arcticneft remains at a level of 712 BODP
Total current daily production, from both Arcticneft and Petrosakh stands at
2,475 BOPD

RNS out,nowhere near as bad as SP reaction would suggest,once the traders have been seen off we should start to climb?
imho
cyril

18 November 2010

Urals Energy Public Company Limited
("Urals Energy" or the "Company")

Settlement of First Petraco Installment and Operational Update
Urals Energy (LSE: UEN), an independent exploration and production company with
operations in Russia, announces that it has settled the first US$3 million
tranche due to Petraco Oil Company ("Petraco"), in accordance with the
Restructuring Agreement dated 12 April 2010. The settlement was made by means
of an off-set of Petraco debt to the Company for the crude oil delivered in
October 2010 from the Company's Arcticneft operations.
Drilling results
As was reported on 10 November 2010, the Company has completed drilling its
first side track well 35b at Petrosakh. The well was perforated in the interval
from 1,470 meters to 1,535 meters. Tubing was lowered to a depth of 1,478
meters, where material accumulated in the hole as a result of the
lost-circulation encountered while drilling through the pay zone prevented the
tubing from being run further down the hole.
The board is pleased to announce that the well is currently flowing naturally at
a rate of 20 tons per day (152 BOPD) with an 8% water cut on a 19mm choke. The
well has produced for six days and is still flowing back drilling fluid and
cuttings, as a result of the lost circulation encountered while drilling through
the pay zone. The Company will continue working towards removing the lost
circulation material from the well and commencing full scale production from the
perforated horizon. Considering the well's apparent high permeability,
(confirmed by the lost circulation in the pay zone), the Company will reassess
the use of pumps, or an upgrade in the pump type from the originally planned rod
pump to ESP should the well's final productivity warrant it. Further results of
performance of well 35b will be reported in due course.
Drilling of the next side track at Petrosakh will commence in January 2011,
given the time required for logistics, including bringing new drilling materials
to the site from the mainland.
Current production
Production at Arcticneft remains at a level of 712 BODP
Total current daily production, from both Arcticneft and Petrosakh stands at
2,475 BOPD

£2+ tomorrow?

Or maybe tomorrow!