7th Oct 2015 08:45
LONDON (Alliance News) - Russia-focused oil and gas company Urals Energy PCL on Wednesday said it has expanded the licence area at its Arcticneft project after making a RUB27.5 million royalty payment to Russian authorities.
Urals said it has been granted an additional licence by Russian authorities to expand the boundary of the licence area by an additional 48.7 square kilometres. The total licence area now covers 158.7 square kilometres.
The company will undertake geological studies on the new licence area and will incorporate the results into its existing development plan.
Urals Energy shares were up 4.0% to 2.86 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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