Urals Plans Three Wells in Russia in 2013

Russia-focused Urals Energy announced Thursday that it plans to drill up to three new wells during 2013 at its Arcticneft and Petrosakh operations, after the firm resolved legacy issues to do with loans owed to Petraco Oil Company.

Urals said that the only sum that remains outstanding to Petraco relates to interest owed and total approximately $3 million. It added that the interest payment is expected to be made before the end of this year.

Urals has released the security pledge that Petraco has held over the company's Petrosakh asset and it said it is in discussions about Petraco releasing its security pledge over Arcticneft.

Urals reported that current production at Petrosakh is 1,440 barrels of oil per day (bopd). The company is currently developing a drilling program for Petrosakh and plans to drill up to two new wells there in 2013. Petrosakh is estimated to have 2P reserves standing at 16 million barrels.

The firm also said that production at its Arcticneft asset is now stable and stands at 712 bopd. In 2013, Urals plans to drill one well at Arcticneft – which is estimated to have 2P reserves of 43.6 million barrels.

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