2nd Oct 2014 07:19
LONDON (Alliance News) - Urals Energy PCL shares jumped early Thursday after the company published reserve reports for the Petrosakh and Arcticneft joint ventures.
The report showed a proved developed producing reserve at the two fields of 4,356 million barrels of oil, representing undiscounted future net revenues of USD95.4 billion.
In addition, the report showed proved undeveloped reserves at the two fields of 25,637 millions barrels of oil, translating to undiscounted future net revenue of USD441 billion, or discounted revenue at 10% per year of USD176 billion.
Petrosakh is a joint venture to develop the Okruzhnoye field in Russia and Arcticneft focuses on the Peschanoozerskoye field on Kolguyev Island in the Barents Sea.
Alexei Maximov, Chief Executive of Urals, said the report "provides a conservative estimate of the reserve base. In addition, the report provides solid ground for future development of both fields as well as confirming the existing programme aimed at reducing the natural decline in production, implemented by the company".
Urals shares soared higher in early trade, up 56.8% to 4.9 pence, to make it the best performer on the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Urals Energy Plc