Urals Energy wins new zones

Companies: UEN

07/07/2006

Russia's Ministry of Natural Resources has awarded Urals Energy deep exploration rights in the Barents Sea.

AIM-quoted Urals Energy says its wholly-owned ZAOP Arcticneft, which operates the Peshanoozersky field on Kolguyev Island, has been awarded the right to test zones, without any depth limitations, below the existing Lower Triassic horizon in the field. Chief executive officer William Thomas says 'we are delivering the potential for significant reserve and production increases with very attractive economics'.

Floated last August at 240p, Ural Energy's shares are 17.5p up today at 405p and could go further.

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Urals Energy Public Company	AIM	£5.14m	2.88p	0.00p
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Other company articles:
Interim turnaround at Urals Energy			06/09/2006
Urals Energy wins new zones			07/07/2006
Newcomer – Urals Energy			10/08/2005

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