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


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours