Urals Energy Divests Non-Core Assets in Komi Republic
Urals Energy Public Company Limited, a leading independent exploration and production company with operations in Russia, has completed the sale of certain of its non-core assets in the Komi Republic.
As announced on November 28, 2007, the Company is in the process of streamlining its portfolio to focus on its major assets in East Siberia. In furtherance of these objectives and following the previous announcement regarding the sale of the Company's Komi Republic assets, the Company is pleased to announce the completion of the sale of its CNPSEI subsidiary to the same buyer for an aggregate consideration of US $13.963 million. This consideration is being fully offset against outstanding unpaid liabilities of the Company under oil sales and other agreements involving the Komi assets previously sold, and therefore the Company will not receive any current cash proceeds from this transaction.
The total proved and probable reserves, according to the Company's most recent reserve report by DeGolyer & MacNaughton, are 9.9 million barrels of oil for the two fields owned by CNPSEI.
The rationalization of non-core assets will enable the Company to concentrate more of its human, technical and financial resources on its East Siberian assets, including the Dulisminskoye Field, acquired in 2006, and the November 2007 acquisition of 35.3% of Taas-Yuriakh Neftegazodobycha ("Taas").
As previously announced, the Company continues to evaluate options for disposal of other non-core assets.
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