25 May 2012

Interim turnaround at Urals Energy

06/09/2006 Robert Tyerman

Russia-focused Urals Energy has turned a £28,000 interim loss into £2.9 million pre-tax profits and boosted oil output.

AIM-quoted Urals increased turnover 180 per cent to £40 million in the six months to June. A combination of acquisitions, notably the £77 million purchase of NK Dulisma, and development drilling helped the company increase its reserves 150 per cent to 225 million barrels and lift average daily production from 4,250 to 9,089 barrels a day.

Chief executive officer William Thomas says Cyprus-based Urals Energy is 'on track' to achieve its already stated production targets of 13,000 barrels a day by the end of this year and 19,000 barrels a day by the close of 2007. He adds that the company, which raised £100 million at 360p in May and ended June with £36 million cash, is looking for further acquisitions.

Floated last year at 240p, Urals' volatile shares hit 562.5p in May and were highlighted by Growth Company Investor at 405p in June. They are now 437.5p, down 16.5p this morning and valuing the company at £498 million, where they look speculative.

Companies: Urals Energy

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