14th Jan 2014 12:33
LONDON (Alliance News) - Urals Energy PLC Tuesday provided an update on operations in Petrosakh and answered shareholder questions regarding its upcoming extraordinary general meeting and possible takeover.
The Russia-focused oil and gas exploration and production company said the flow rate at its #53 Well has been successfully established and is running stable at roughly 70 barrels per day.
The company also said that its #112 well has reached a depth of more than 1000 metres and further information will be released in due course.
Urals also answered questions on its upcoming takeover talks after Fire East Corp, which has an 18.9% stake in the company, rebuked a company statement saying they have no proper strategy in place to develop the company and stated that they would offer a chance to 'save the business.'
Urals reiterated that a takeover would be at the expense of shareholders, diluting their interests and lowering the value of the company.
"The business of Urals Energy has already been 'saved' by the current board," Urals said in the statement.
Takeover talks will be discussed at the company's extraordinary general meeting on January 27.
Urals Energy shares were down 3.5% to 6.15 pence Tuesday.
For further information on the complex takeover talks please see the URL below:
http://allapp.alliancenews.com/article?u=c26fbd13353a44cdbc0680f496df6f3b&a=1389374893166317500
By Tom McIvor; [email protected]; @TomMcIvor1
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