AIM-listed Urals Energy, the independent exploration and production company with operations in Russia, has announced an update on its operations at ArticNeft and Petrosakh as well an update on the litigation.
ArticNeft:
Perforation of four wells of its six well work over programme has been successfully completed. Calibration of pumps to optimise the production rate is in progress.
Petrosakh:
On well # 112, cementing of the casing is being undertaken, prior to drilling the pay zone.
Petrosakh refinery:
The damage to the control equipment of the column has been fully assessed and it is expected that replacements with equipment provided by Siemens will be completed in approximately two months. However, the refinery is expected to be brought into operation in a manual regime within the next two weeks.
Litigation update:
The Company has won its case against the appeal made by KNGF in the matter of its outstanding loan to KNGF, equivalent to approx. $500,000 and expects the court in the first instance to issue the order for its collection in mid-February. As announced on 13 January 2015, all litigation in the matter of the ADRA and the Arbitration Award has been terminated.
