Urals Energy, the independent exploration and production company with operations in Russia, has been granted an additional license by the Russian regulatory authorities to expand the boundaries of its license area at Arcticneft.
Urals has gained an additional 48.7sq km bringing the company’s Arcticneft license up to 158.7 square kilometres.
The new licence followed on from Urals’ royalty payment of 27.5million roubles to the Russian regulatory authorities.
Urals will undertake geological studies in the new license area and, depending on the results, will incorporate the additional license area into its development plan for the existing license area.
The new license area has publicly disclosed Russian state registered reserves of 1.3 million tonnes (10.3 million barrels of oil).
The acquisition is in line with Urals’ strategy to obtain additional license areas in Russia for modest initial payments, with limited initial obligations and where the company has knowledge of the area.
Recommended for you
