4th Oct 2013 10:27
LONDON (Alliance News) - Urals Energy PLC Friday said that the results of its Passive Seismic Spectroscopy survey, and a separate Micro-seismic survey, both show the potential of increased production at Arcticneft, with limited capital and operational expenditure.
The independent exploration-and-production company with operations in Russia said that the production potential revealed in the surveys was based on five main trends of hydrocarbon potential, and is consistent with its existing exploration strategy.
The surveys were carried out over a selected area in the West block of the company's Arcticneft asset.
Urals Energy said that it will continue to review the results of the surveys in more depth, including possible future deeper drilling sites at Arcticneft.
It also said that it expects to conclude the drilling of Well 53 during the next two weeks .
Urals Energy shares were trading 9.1% higher Friday morning, at 7.09 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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