Urals Energy (WKN: A0F5HS)

Urals Energy Public Company Limited ('Urals Energy' or the 'Company')
Drilling Update

Urals Energy, the independent exploration and production company with operations in Russia, today announces that Well #51 on the Petrosakh field has been successfully spudded.

As part of the Company’s updated drilling strategy to capture the full potential of the Petrosakh field, Well #51 is a large diameter vertical well designed to maximise flow rates.

The Directors expect production to begin before the end of May and further announcements will be made at the appropriate time.

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
Notification of Major Interest in Shares

Urals Energy Public Company Limited has been notified that JP Morgan Chase & Co., and its controlled undertakings, have an aggregate relevant interest in 12,512,061 shares representing 5.14% of the issued share capital of the Company. The interest is shown below.

J.P Morgan Asset Management Holdings (UK) Ltd: 12,465,362 shares
J.P. Morgan Investment Management Inc: 42,883 shares*
J.P. Morgan Securities Ltd: 3,816 shares

*Held in the capacity of discretionary investment manager for various funds.

www.uralsenergy.com/newsdetail.asp?news_ID=6389


Alexei Maximov, Chief Executive, commented:
“We would like to thank our shareholders for their on going support, and to reassure them that the Board is focused on restoring the fortunes of this Company. 2010 has been a year of stabilisation but the legacy issues are now largely behind us, leaving Urals well positioned to create a leading Russian focused E&P company. We look forward to updating the market with innovations in due course.

The restructuring of the Petraco loan has been a major milestone for Urals and, combined with the successful private placement, led to a strengthening of our balance sheet. As we look to continue the trend of increased profitability, we are committed to working towards additional increases in production from our existing portfolio, and potentially identifying new opportunities to expand the reserve base.”

www.uralsenergy.com/newsdetail.asp?news_ID=6390

www.uralsenergy.com/newsdetail.asp?news_ID=6393

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
Tanker Shipment and Petraco Payment

Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that the shipment of the tanker from Arcticneft, scheduled for late October 2011, has been successfully completed. 28,982 tons of crude oil (227,525 bbls), representing a 11.4% increase on 25,999 tons in 2010, were loaded and exported in October in line with the Company’s operational plans.

Following the tanker shipment, the Company has made a payment of $8.0 million to Petraco Oil Company Limited (“Petraco”) in line with the restructured terms of the debt repayment agreement with Petraco, details of which were announced on 3 August 2011. The payment covered the October and November tranches and fulfilled Company’s obligations for 2011. The payment reduced total amount of outstanding debt to $19.9 million. The Board remains confident of meeting the repayment schedule as agreed, as well as continuing the Company’s close relationship with Petraco. Remaining net proceeds from the sale in the amount of $5.1 million will be used for development of Company’s assets and financing of working capital.

Commenting on this update CEO Alexei Maximov said:
"The Board continues to see operational progress with continuing production from both Arcticneft and Petrosakh. Financially, we have made a considerable progress by reducing outstanding debt owed to Petraco and strengthening our balance sheet. With a supportive macro-outlook for oil underpinning growth forecasts, the Board maintains its focus on maximising revenues from both producing assets, whilst exploring further M&A opportunities in the sector. Against that backdrop we remain confident about the future prospects of Urals Energy."

In accordance with the restructure agreement entered into with Petraco, further details of which were announced on 12 April 2010, in the event that the Taas Loans are repaid to Urals prior to their due repayment date, the proceeds arising from such repayment are to be split and divided between Urals and Petraco in the certain proportions. Urals will partly discharge the debt to Petraco in the amount of US$10m. The outstanding balance will be around US$9.9m and will be settled in 2012.

Further, Urals is also pleased to announce that it has entered into a termination and release agreement with Finfund and Yakut Energy Limited under which, in exchange for the payment of US$4.4m by Urals to Finfund (the “Settlement Fee”), Finfund has agreed to release Urals of its obligations to pay pledge fees under the terms of a sale and purchase agreement dated 27 November 2007, further details of which were announced on 28 November 2007. In addition, both Finfund and Yakut Energy Limited have confirmed that Urals ceased to be a party to a joint venture agreement entered on 26 November 2007, further details of which were contained in the announcement made by Urals on 28 November, with immediate effect.

Following the assignment of the Loan, the partial repayment of the Petraco debt and the Settlement Fee, Urals will be left with approximately US$11.6m which will be used for general exploration, development and working capital.

Commenting on this assignment CEO Alexei Maximov said:
“We are delighted to have concluded the Taas loan pay-back deal which has been achieved through nine months of negotiations in extremely difficult market circumstances Whilst the details and background to these matters are complex, shareholders will no doubt see that the Company is continuing to work tirelessly to strengthen its balance sheet and this is another firm step towards recovery and the future of Urals Energy.”

www.uralsenergy.com/newsdetail.asp?news_ID=6395

schön zu sehn das ich nicht der einzige bin der an dieses Unternehmen noch glaubt...mich würde deine Einschätzung der Perspektiven auf Sicht von 1-2 Jahren interessieren.Meiner Meinung nach haben wir hier eine unentdeckte Perle:-))Schuldenabbau geht zügig voran....Cashbestand wächst ...wenns hier noch zu einer Steigerung der Förderquoten kommt,dann heissts anschnallen...:-)

Urals Energy transferred 35.3 percent in LLC Taas-Yuryakh Neftegazdobycha and 99 percent in CJSC Dulisma Oil Company to Sberbank in the second half of 2009 in order to cover unpaid loans. In addition to Sberbank, the shareholders in Taas-Yuryakh Neftegazdobycha are Cyprus-based Yakut Energy Ltd. with 37.37 percent, Finfand Ltd. (16.82 percent) and Limentis Holding Ltd. (part of the Ashmore Group, with 10.48 percent).

www.rigzone.com/news/article.asp?a_id=113726&rss=true

To this end, considerable senior management time was devoted with much success, culminating in the assignment of the long standing loans to Taas-Yuriakh Neftegazodobycha to Nagelfar Trade and Invest Ltd for which the Company received US$26.0m. This enabled the Company to settle its long-standing dispute with Finfund and Yakut Energy Limited in exchange for the payment of US$4.4m by Urals to Finfund, reduce the debt to Petraco Oil Company Limited to approximately US$9.9m, and cover certain other long-standing obligations, as well as fund its ongoing operations.

The Board believes that as a result of this transaction the Company entered 2012 in a much stronger position than it has been for many years.

Legacy Issues
The Board is pleased to report that it has reached a general understanding with Petraco regarding the process of releasing some of their security of the Company’s assets (in accordance with the existing loan restructuring agreement), which is anticipated to take place over the coming months. Further announcements will be made at the relevant time.

Regarding the loan dispute with Mr. Rovneiko, management has made every effort possible to distance itself from him, and despite management time continuing to be diverted in relation to dealing with his various unsubstantiated claims, progress is being made and a decision of the London Court of Arbitration is expected before the end of June 2012.

A satisfactory resolution of the past issues is important and the Board is committed to shifting the Company’s focus to operations and growth opportunities.

Petrosakh
The Board has evaluated the reasons for the historical operational problems at Petrosakh with wells #35 and #51. As a result of this assessment personnel changes have been implemented both at the corporate and Petrosakh level, including the appointment of a new corporate Vice President of operations (who presently performs the functions of PSK general manager) and a drilling supervisor, both of whom are experienced professionals in the sector.

In addition, Urals have increased the effectiveness of the operations at Petrosakh and strengthened its vertical reporting systems. As a result, the headcount at Petrosakh has been reduced by more than 50 people and the remuneration of those remaining has been changed so as to be more focused on results.

The Board expects that these measures will lead to the successful finishing of the drilling of well #41 towards the end of May 2012. After this, Urals will evaluate its future drilling plans, including whether to finish well #51, as well as drilling additional wells in the Southern part of the Okruzhnoye field. Finally, the Board is currently evaluating the feasibility of returning to export shipments from Petrosakh, particularly of refined products, as well as shifting the emphasis to higher margin products sold on the local market.

Arcticneft
The Company is currently developing a renewed drilling programme for Arcticneft, which is presently producing at approximately 800 bbpd of crude, in preparation for the next planned shipment to Petraco, tentatively scheduled for October 2012. According to existing information, the State authorities have not yet made a decision regarding the Tarkskoye deposit on Kolguyev Island, but the situation is being monitored and the Company will consider participating in the auction once it is announced.

In addition to the Company’s existing operations, the Board continues looking at new opportunities, be it in identifying ways of utilising the upside potential in downstream and marketing opportunities on the existing acreage, evaluating possible acquisitions and joint venture targets with a view to expanding and optimising the portfolio.

Notification of Results
The Company is planning to announce Full Year results for the year ended 31 December 2011 towards the end of May 2012. At this time the Company looks forward to providing further operational and financial updates.

Commenting on today’s announcement, Alexei Maximov, CEO said:
“We have been working hard on dealing with our past failures at Petrosakh and preparing the next phase of the development drilling campaign. We hope that well #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, having made considerable progress in drawing the line under the various legacy issues.

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. To this end we are working to strengthen our team, as well as the Board, and I look forward to updating shareholders as these matters progress.”

Hmmmm...kaum noch Ümsätze in London...ist das die Ruhe vor dem Sturm???Ich hab jedenfalls kräftig nachgelegt in den letzten Tagen,für mich absolute Kaufkurse!!!I am ready.......

ich glaube das ist eine ganz allgemeine ruhe!

Urals Energy Public Company Limited ('Urals Energy' or the 'Company')
Settlement of Arbitration With Vyatcheslav Rovneiko

Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that its longstanding dispute with a former Director and manager of the Company Vyatcheslav Rovneiko has been settled in Urals’ favour.

As previously announced to the market, the Company instituted arbitration proceedings in London against a former Director and manager of the Company Vyatcheslav Rovneiko to recover amounts advanced to him pursuant to a Loan Agreement, the principal sum of which was US$3,730,000.

Following hearings in the arbitration, the arbitrator issued a Partial Final Award on Preliminary Issues on 21 June 2012 pursuant to which the respondent is liable to repay to the Company the entire principal sum due under the Loan Agreement, plus interest. The final quantification of the respondent's liability to pay accrued interest and the question of costs remain to be determined by the Tribunal within the next several weeks.

The case was vigorously defended by V. Rovneiko who asserted several defences in order to avoid his legal liability to the Company. However the Company has prevailed and intends to seek all available measures to recover the amount owing to it, including seizing assets of the former Director if that is necessary.

CEO Alexei Maximov commented:
"We are pleased with the outcome of the arbitration, recognising the former manager's obligation to the Company and are happy to report to our shareholders that yet another legacy issue has been resolved as had been promised by the management in the beginning of 2010".

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
Completion of Well #41, License Extension and Operational Update

Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that it has successfully completed final production testing on Well #41 on the Petrosakh Field.

Well #41 is now producing approximately 180 BOPD, which was within the Company’s target range. Current production at Petrosakh is now 1,429 BOPD.

The Company is currently considering recommendations from several respected oil service companies in order to evaluate future steps regarding Well #51 which was temporarily abandoned due to difficult drilling conditions.

The Company has been informed that the license for the Okruzhnoye field, which expires at the end of 2012, has been renewed until 2037.

Current production at Arcticneft is stable and stands at 710 BOPD.

Commenting on today’s announcement, Alexei Maximov, CEO said:
“As we approach the European summer break, we continue to make solid progress on a number of fronts, both in terms of resolving the final legacy issues as well as our drilling programme which, with the completion of Well #41, has already achieved tangible positive results for the Company.”

www.uralsenergy.com/newsdetail.asp?news_ID=6406

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
2012 Half Year Results

Urals Energy (LSE: UEN), the independent exploration and production company with operations in Russia, is pleased to announce its half-year results for the six months ended 30 June 2012.

Highlights

Operational
Total production at Arcticneft increased to 128,249 barrels (H1 2011: 126,780 barrels).

Total production at Petrosakh reached 233,484 barrels (H1 2011: 249,728).

Current daily production at Arcticneft is 700 BOPD slightly down from an average of 705 BOPD for the six months ended 30 June 2012.

Current daily levels of production at Petrosakh increased to 1,395 BOPD from an average of 1,283 BOPD for the six months ended 30 June 2012.

Measures to halt natural decline at Petrosakh have stabilised production including the completion of successful workovers.

New well drilling and existing well optimisation programs in place and being implemented.

Financial
Operating results were improved by 79% reducing the operating loss to US$0.6 million from US$2.9 million loss in H1 2011.

Net working capital position improved by 69% by a net reduction of $6 million in current liabilities to US$25.9 million (H1 2011: US$35.8 million).

Net loss of US$2.0 million (net profit of US$3.6 million for H1 2011) was caused by exchange rate movements during both H1 2011 and H1 2012 as Ural’s Russian subsidiaries recognised forex gains in 2011 and forex losses in 2012 on various intracompany loans nominated in US Dollars.

Successful finalisation of cost reduction program, which resulted in 21% and 12% decrease in selling, general and administrative expenses and cost of sales respectively.

Company’s headcount decreased by 11% during the period to 507 employees.

Post-period end
Initial production testing on Well #41 on the Petrosakh Field completed and now put into production at approximately 180 BOPD.

Renewal of the license for the Okruzhnoye field until 2037.

Release of charge over the Company’s Petrosakh assets by Petraco Oil Company Limited ("Petraco").

Restructure of Petraco repayment agreement to coincide with the shipment of the tanker from Arcticneft.

Outlook
Tanker shipment of 28,000 metric tonnes of crude oil for export from Arcticneft expected in Q4 2012.

Finish the year with repayment of the majority of the outstanding debts and further strengthening of the Company’s balance sheet.

Implement new well drilling and existing well optimisation programs for 2013.

Identify upside potential in downstream and marketing opportunities on the existing acreage.

Actively seek possible M&A and joint venture targets with a view to expanding and optimising the Company’s asset portfolio

Anticipated tax break from 2013 for companies located in the far northern territories of Russia to benefit the Company’s operations in Arcticneft

Commenting on today’s announcement, Alexei Maximov, CEO, said:
“I am pleased to report on what has been a positive period for Urals, both operationally but also in the further strengthening of our balance sheet. I reported this time last year that operationally we have been laying the foundations for maximising production from both Arcticneft and Petrosakh, and, with the various measures we have taken to stabilise production at Petrosakh, the completion and entry into production of Well #41 at Petrosakh and the implementation of new well drilling and existing well optimisation programs we have certainly started to build upon those foundations.

The release of Petraco’s charge over Petrosakh was a pivotal point in Urals’ recovery and for the first time in many years we are now approaching a time where we anticipate we will be free of all major debtors and able to leverage on our existing asset base. This will enable us to push on with our plans to increase production at both of our assets as well as dedicate time to our M&A strategy.

Shareholders can now view the future with renewed confidence as the board anticipates the completion of the final year of recovery for Urals and the start of what it expects to be a key period of development for Urals.”

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
Arbitration Update and Completion of Tanker Loading

Urals Energy is pleased to announce that following the update provided in its results to 30 June 2012 as announced on 28 September 2012, the arbitrator in the ongoing Arbitration against Vyatcheslav Rovneiko has issued a third Partial Final Award which orders that Mr Rovneiko is liable to pay to Urals Energy the sum of US$3,730,000.

The only remaining issues in the arbitration are to determine the amount of Mr Rovneiko’s liability to pay interest on the loan and the allocation of the costs of the arbitration.

The Company intends to seek recovery of its costs now that Mr. Rovneiko’s liability for the full amount of the principal of the loan has been finally determined by the arbitrator in favor of the Company.

The Company would also like to report that the loading of the tanker on Kolguyev Island from Arkticneft has been completed with the shipment of 231,594 barrels of crude to Petraco. Photographs from the recent loading of the tanker are available to view on the company’s web-site by clicking here.

The daily production at Arkticneft has remained stable at 700 bopd, while at Petrosakh it has increased by 45 bopd and reached a level of 1440 bopd.

Commenting on today’s release, CEO Alexei Maximov said:
“The board is happy to be close to turning the final page on Urals' legacy issues, including, prevailing in court over the unfounded allegations of a former director. With an ongoing strong operational performance, Urals is moving full steam ahead to 2013 and we remain confident of our ability to further increase production on our existing acreage, whilst seeking new ways to create value for our shareholders."

Urals Energy shares advance as it clears US$7.3mln Petraco loan

Monday, December 10, 2012 by Jamie Ashcroft


Urals Energy (LON:UEN) shares advanced this morning as it revealed it has now cleared the final US$7.3mln loan due to Petraco Oil.
It said today that it made the payment after receiving funds from last month’s shipment of oil from its Arcticneft operation. A further US$3mln of interest is still owed to Petraco  and this will be paid by the end of next year.
The company is itself due over US$6.2mln following an arbitration ruling in its favour, against former director Vyatcheslav Rovneiko, last month. The arbitrator has ordered Rovneiko to pay the sum to the company, and in the meantime it accrues penalty interest at a rate of US$2,319 per day.
Urals says it has formally demanded payment and it says it is committed to ‘all appropriate means’ to collect the outstanding money.
"We are extremely happy with the results of the last two months: the successful shipment and sale of the tanker to Petraco, and subsequent payment of the last portion of the debt amount,” chief executive Alexei Maximov.
“We are also satisfied with the results of the arbitration against our former director, Vyatcheslav Rovneiko, which has confirmed the company's legal rights and vindicated our position that this sum must be repaid to the company.”
Meanwhile Urals is focusing on possible opportunities to enhance its operations, and it has now hired Geodynamics Worldwide Srl to carry out a survey to assess Kolguyev Island at Arcticneft.
Geodynamics will apply its patented technology for the detection and determination of resonance energies generated uniquely by hydrocarbons, Urals explained.
It is expected that the results will be finalised by the summer.
“With these two final legacy issues behind us, the company is well-equipped for a new evolutionary turn based on a strong balance sheet, cleared reputation, and focus on increasing operational efficiency in 2013 and beyond. The passive seismic study is the first part of this,” Maximov added.

www.proactiveinvestors.com.au/companies/...aco-loan-37136.html

Urals Energy (UEN LN, 6.25p, ▶ 0.00%): Steadying The Ship - After what has been a tumultuous 5-year period for the Company, there finally appears to be light at the end of the tunnel. It is paying down it debt, making headway in is arbitration with a former director and seeking to squeeze the most it possibly can out of its Articneft asset. Cash flow is reasonably healthy, and will be boosted by any repayments from the amounts owed to it from the former director, as well as clearing the outstanding debts from its balance sheet. That either means that there will be a protracted recovery, or a cash call on equity investors in the near term, which will be a headwind to the current share price. Nevertheless, the management team has set its stall out to repair the damage inflicted upon the Company by events over the 5 years, and in that regard it has to be given credit for sticking to its guns and doing the best out of what was potentially a catastrophic situation. Over the next 12 to 18 months, we believe that the Company will continue to improve its financial position, enabling it to once again set itself on a growth trajectory.
In this news:

Paid the final loan principal amount of ~$7.3mm to Petraco Oil Company Limited ("Petraco").
~$3.0m outstanding interest due before the end of 2013.
Arbitrator awarded against Vyatcheslav Rovneiko
Required to pay ~$6.3mm (inclusive of interest)
The Company has entered into a contract execute a passive seismic study to identify potential hydrocarbon pools unswept by current production; results are expected to be finalised by end 3Q'13.


www.oilvoice.com/n/...national/cafaa7a8d64c.aspx#ixzz2FbohM6cQ

Andrew Shrager is a private investor with a wealth of experience in investment banking. Some of his main roles include: senior adviser at Renaissance Capital (emerging markets); senior advisor to Merrill Lynch (Energy & Power group throughout Russia and Central Europe); especially the British Petroleum TNK acquisition; director of corporate finance at Lazard Brothers, where he advised both the Central Electricity Generating Board on its privatisation and National Power on its IPO. Between 2001 and 2012 Andrew was a director of Utilyx, one of the UK’s leading specialists in energy and carbon, and between 2007 and 2010, he was a director of GeoDynamics Research. Since 2012, Andrew has held the position of CEO at GeoDynamics Worldwide, an international oil service and investment company.

Stephen Buscher has extensive financial experience, particularly in Russia, where he has lived and worked in the financial sector and subsequently the oil business for over twnety years. He acted as the Co-head of the Moscow office for Lazard Freres and Merrill Lynch, where he was overall relationship manager for CIS oil businesses. Stephen also founded and co-managed Eurasia Capital Partners, a private M&A advisory boutique with offices in Moscow and London before entering the oil and gas business. He graduated from Connecticut College in 1983. He also received a diploma from the London School of Economics in 1987 and a Masters in Business Administration from Yale University in 1991.

Stephen Buscher held the position of Chief Financial Officer when Urals Energy successfully listed on AIM in 2005, a position he held until August 2007. He then took up the Chief Financial Officer role at Terralliance Technologies in 2007, an oil and gas exploration company privately owned by Goldman Sachs and Kleiner Perkins. Stephen has recently been with the investment company Sistema as Executive Vice President investment strategy, and secondly as the Chief Executive Officer of Navitas Global Resources, the foreign project and exploration division and wholly-owned subsidiary of RussNeft.

Torbjörn Ranta has been actively involved in various Russian business projects since the mid 1990s and is a fluent Russian speaker. He has during this period been the CEO of a number of publicly listed natural resources companies such as Vostok Nafta Investment Ltd, Vostok Oil Ltd, Central Asia Gold AB and Malka Oil AB. He also represented North Atlantic Natural Resources AB between 1998 to 2001 as a Board Member of the Swedish exploration and mining company, the Lundin Group. He graduated from Stockholm School of Economics with a degree in Business Administration and Economics. He also worked for a year in 1982 at the Swedish Embassy in Moscow as a member of the consular section. Since 2009, Mr. Ranta has acted as Senior Consultant to several clients via his own company T. Ranta Företagsjuridik AB (TRFJAB) and in June 2012 accepted the contract position of Chief Operation Officer with Australian junior oil company Sprint Energy. He has also worked with Alpcot Capital Management Limited, which is the largest shareholder in Urals Energy.

The Company announces that it intends to convene its Annual General Meeting in February 2013. The Notice of AGM will be sent to shareholders in January 2013.

Urals Energy Public Company Limited (“Urals Energy” or the “Company”)
Notice of Annual General Meeting

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that the Annual General Meeting will be at the registered office of the Company at Evagoras Building, Office 34, 3rd Floor, 31 Evagorou Avenue, Nicosia, CY-1066, Cyprus at 11:00 a.m. on Friday 22 February 2013.

Having achieved a satisfactory resolution of these past issues the Board is now able to fully focus on the Company’s operations and growth opportunities.

Current Operations

Petrosakh
Current production at Petrosakh is 1,440 BOPD. In the competent persons report dated 31 December 2007, by DeGolyer and MacNaughton, the Company had 2P reserves standing at 16 MMbbl and 3P at 20.6 MMbbl. Production between 2008 and 2012 was 3 MMbbl. The Company is currently developing a drilling programme for Petrosakh and plans to drill up to two new wells in 2013, subject to receipt of the necessary Russian regulatory approvals.

Arcticneft
Production is stable and stands at 712 BOPD. In the competent persons report dated 31 December 2007, by DeGolyer and MacNaughton, the Company had 2P reserves at 43.6 MMbbl and 3P at 64.1 MMbbl. Production between 2008 and 2012 was 1.3 MMbbl. The Company has entered into a contract to carry out a passive seismic study for the identification of potential hydrocarbon pools with Geodynamics Worldwide Srl. The technology will be utilised with the aim of increasing the efficiency of drilling via detailed interpretation of hydrocarbons within a specific area. The results are expected to be finalised by summer 2013 and the Board anticipates one new well being drilled at Articneft in 2013.

Trading Update
The Board anticipates that the Company’s results for the year ended 31 December 2012 will be in line with market expectations.

Outlook
The Board are committed to delivering maximum value to shareholders through the effective management of the Company’s existing assets, as well as through new assets. In the short-term the Company will undertake drilling activity at Petrosakh and ArcticNeft. Possible additional wells maybe drilled in the future, based on success of the planned 2013 drilling programme. The aim of further drilling is to increase production at both sites.

In addition to the Company’s existing operations, the Board continues to look for additional revenue streams. This maybe through: identifying ways of utilising the upside potential in downstream and marketing opportunities at the Company’s existing assets; and, evaluating possible acquisitions and joint venture targets. The Board’s medium-term strategy is to expand and optimise the Company’s portfolio and build a steady cash flow.

An overview presentation is available from the Urals Energy website and can be downloaded at www.uralsenergy.com/ir_presentations.htm.

Commenting on the update, Andrew Shrager, Non-Executive Chairman of Urals Energy, said:
“With the majority of the Company’s legacy issues now resolved, Urals Energy enters into 2013 with renewed optimism for executing its strategic plan. This includes further strengthening of our balance sheet, primarily by increasing output at both Petrosakh and Arcticneft, and also, by looking at possible M&A opportunities. The Company is now entering a key period in its corporate development as the Board seeks to create maximum value for shareholders.”

Urals Energy entering key period of its development, says chairman
7th Feb 2013, 7:38 am by Jamie Ashcroft

Urals is planning new drilling in the short term, to boost oil production

Urals Energy (LON:UEN) is entering a key period in its corporate development, according to chairman Andrew Shrager.
“With the majority of the company's legacy issues now resolved, Urals Energy enters into 2013 with renewed optimism for executing its strategic plan,” Shrager said in a statement today.
“This includes further strengthening of our balance sheet, primarily by increasing output at both Petrosakh and Arcticneft, and also, by looking at possible M&A opportunities.”
The plan in the short term is to start drilling operations at both of the company’s oil fields, Petrosakh and Arcticneft, and if this drilling is successful it could open up the potential for more wells beyond 2013.
The main aim is to increase production at each site.
Urals also wants to find new revenue streams, potentially by identifying downstream and marketing opportunities in relation to existing operation. And it will also evaluate possible acquisitions and joint venture targets.
The company says its medium term strategy is to optimise and expand its portfolio and build steady cash flow.
Urals currently produces 1,440 barrels a day from Petrosakh and 712 barrels a day from Arcticneft.
The company had almost 60mln barrels of 2P (proved + probable) oil reserves – and nearly 85mln barrels in 3P (2P + prospective) – when it was assessed by DeGolyer and MacNaughton in 2007, and it says it has produced 4.3mln barrels of oil since then.
Two new wells are anticipated at Petrosakh and one new well is expected at Arcticneft.

die sind leer,
ich habe mich mit Urals Energy schon vor 2 Jahren auseinander gesetzt:
-es hat mit Wirtschaft hier weniger zu tun, da ist Politik entscheidend
-die sind auf "falscher" (für heutige Regierung) Seite
-und egal was die von Reserven noch haben (so viel ist es auch nicht), die werden es nicht umsetzen können.

Wenn ich die Anteile noch in meinem Depot hätte, dann würde ich mich davon trennen.
Einzigste, was hier noch möglich ist-nur ein Zock

Das ist eine Casion Aktie
Rot oder Schwarz
Aber ein guter Zock in der Zukunft

Die hatten mal ein großes Ölfeld und viele Schulden. Sind wohl politisch gezwungen worden die Schulden zu bezahlen mit dem großen Ölfeld. Was übrig blieb war nicht so viel und gab nicht genug her. Deshalb seit 3 Jahren Bohren und hoffen noch etwas ans laufen zu bekommen. Kurs steht immer so bei 0,4 bis 0,5  und Käufe gehen um die 0,8 um die Ecke. Kurspflege findet statt. Anbindung ans Leitungsnetz ist auch nicht so doll. Vielleicht wird mal verkauft, wer weiss.
John