30th Jan 2015 09:29
LONDON (Alliance News) - Urals Energy PCL shares rose on Friday morning after the company said it has won its case against Russian company Komineftegeofizika OAO and said work is progressing on its ArticNeft and Petrosakh prospects.
Urals said it has won its case against Komineftegeofizika, or KNGF, over the outstanding loan Urals is owed. It said it expects the court to issue the order for the collection of the loan in mid-February.
Urals already had a ruling issued in its favour in October, when a Russian court awarded Urals Energy the sum of RUB32 million, together with 8% interest until full payment has been received by Urals Energy.
Elsewhere, the company said perforation of four of six wells at its ArticNeft project has been completed successfully. Calibration of pumps in order to optimise the production rate from the wells is now ongoing.
The group also said cementing of the casing of Well 112 at its Petrosakh site is being undertaken and said the damage to the control equipment at the Petrosakh refinery has been assessed, with replacement equipment to be provided in the next two months. The refinery will, however, be brought back into operation on a manual basis within the next two weeks, Urals said.
Shares in Urals rose 22% to 3.97 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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