25 May 2012

Urals Energy taps the market

20/12/2010 Robert Tyerman

Oil and gas group Urals Energy is raising £5.8 million at 11p to fund its developments in Russia and repay loans. Based in Cyprus and quoted on AIM, the company says it has secured the funds, representing 21.5 per cent of its enlarged capital, through its broker Allenby Capital to increase production at its Petrosakh and Arctineft fields and so generate cash to repay loans from another concern, Petraco Oil. 

Urals Energy, steered by chief executive officer Alexei Maximov, says it wants to start looking again at new opportunities for expanding its operations, but must clear its debts to Petraco as a priority. The company, which made a net £1 million profit in the six months to June and is now producing at the rate of 2,360 barrels of oil a day, is considering possibilities at the Tarskoye field, near Arctineft, but insists it will not use the placing proceeds for this.

Now trading at 11.75p, far below peak levels of a few years ago, Urals Energy shares are speculative.        

Tags: AIM market, Oil explorer, Russia

Sector: Oil & Gas Producers

Companies: Urals Energy

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