24th Jun 2014 11:05
LONDON (Alliance News) - Urals Energy PLC Tuesday said that it is evaluating its options for well #112 after drilling was halted due to a number of problems in the process and "unacceptable" results.
Urals Energy said in January that drilling on the well had continued after reaching a depth of slightly over 1,000 metres, but said Tuesday it has now halted drilling due to the problems and is now considering its options for the future of well #112.
Urals is an oil and gas exploration and production company with operations in Russia.
Urals Energy shares were Tuesday quoted at 4.76667, down 2.2%.
By Samuel Agini; [email protected]; @samuelagini
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