Urals Energy makes solid progress at Petrosakh and Arcticneft

Independent exploration and production company Urals Energy updated the market on its operations on Tuesday, saying that at Petrosakh, its drilling team had spudded Well 130, located on the main licence area on the Eastern coast of Sakhalin Island.

The AIM-traded firm said the target depth was 1,680 meters and it was expected that the depth would be achieved in up to eight weeks.

“The group is targeting the Pilenga horizon, the principal oil bearing horizon of the Okruzhnoe field,” its board said in a statement.

“Further announcements in respect of Well 130 will be made as appropriate.”

At Arcticneft, further to its announcement on 30 March, the company was now in the advanced stages of negotiation regarding a new contract with the Petraco Oil Company for two export shipments in 2017.

“At present the company has approximately 31,000 tons - approximately 245,000 barrels - of commercial crude in stock,” the board said.

“The first tanker shipment is expected in mid-June 2017.”