Urals Energy Expands Arcticneft License Area Boundaries

Russia-focused energy company Urals Energy announced Wednesday that it has been granted an 18.8 square mile expansion to the boundaries of its Arcticneft license area, following a royalty payment of RR27.5 million ($443,630) to the Russian regulatory authorities.

As a result of the expansion, Urals Energy's Arcticneft license area now covers a total of 61.2 square miles. The company has stated that it will undertake geological studies in the new license area, which has Russian State Registered ABC1 reserves of 10.3 million barrels of oil. These reserves figures have not been reviewed in accordance with the AIM Guidance Note for Mining, Oil and Gas Companies. As such, the company plans to get a competent person review undertaken “as soon as practicable”.

Commenting on the latest development, a Urals Energy statement said:

“The acquisition of this additional license area is consistent with the company's stated strategy, as set out in the company's recent interim results announcement. This strategy involves the acquisition of additional license areas in Russia for modest initial payments, with limited initial obligations and where the company has knowledge of the area concerned.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Lab Technician
Expertise: Production Engineering
Location: California, 
 
Drilling Engineering Manager - Delaware Basin
Expertise: Drilling Engineering|Drilling Manager|Engineering Manager
Location: Midland, TX
 
Patent Counsel/Senior Patent Counsel
Expertise: Legal
Location: Richmond, VA
 
search for more jobs

Brent Crude Oil : $55.62/BBL 0.27%
Light Crude Oil : $49.89/BBL 0.00%
Natural Gas : $3.02/MMBtu 1.30%
Updated in last 24 hours