Urals Energy

• 22/02/13

  Result of AGM

• 15/02/13

  TR-1: Notification of Major Interest in Shares

• 07/02/13

  Update on strategy and trading

• 30/01/13

  Posting of Notice of Annual General Meeting

• 25/01/13

  Notice of AGM

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  07/02/13

  Urals Energy entering key period of its development, says chairman

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  23/01/13

  Urals Energy is ready to beat acquisition trail

  Speaking with Proactive Investors, chief executive Alexei Maximov said it is now the right time for Urals to begin to look at new projects.

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  21/12/12

  Urals Energy sees familiar faces return as chairman steps down

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  07/12/12

  Urals Energy shares advance as it clears US$7.3mln Petraco loan

  Urals chief Alexei Maximov says he’s extremely happy with the results of the last two months which have allowed the company to reach this milestone.

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  07/11/12

  Urals Energy ‘close to turning the final page’ on legacy problems

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  28/09/12

  Urals Energy reveals positive first half

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  04/07/12

  Urals Energy successfully completes testing of Well-41 on Petrosakh field

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  26/06/12

  Urals Energy wins legal battle against former director Rovneiko

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  07/06/12

  Urals Energy improves financial position after year of "recovery"

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  01/06/12

  Urals Energy successfully completes new well on Petrosakh Field

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  13/12/2011

  Urals Energy CEO Alexei Maximov talks to Proactive Investors

  Alexei Maximov, Chief Executive of Urals Energy, talks about successfully concluding the Taas loan payback deal, paying Finfund $US4.4 million, dealing with the one remaining legacy issue, about US$11.6 million in the bank, increasing production on both fields, reducing and eliminating debt, and possible acquisitions west of the Urals.

• 

  07/02/13

  Proactive news summary, including Gasol, Urals Energy, Obtala Resources, Strategic Minerals, SolGold, Bushveld Minerals
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  07/02/13

  Market Movers including Vodafone, Obtala Reosurces, Afferro Mining, Urals Energy and Gasol
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  07/02/13

  MEO Australia, Ophir Energy, San Leon Energy and Urals Energy feature in Fox-Davies Newsflash
• 

  26/01/13

  Proactive Investors Mid & Sml Cap Weekly Roundup - Renewables and Cleantech among key themes
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  24/01/13

  Proactive news summary, including Diamondcorp, Fox Marble, SolGold, Bushveld Minerals, Stratex International, London Mining, Urals Energy

• 30/06/09

  +9.00 +9.00

  Gazprom Neft may be the most probable buyer of Urals Energy?s (UEN.LN) assets, which the company is selling to its lender OAO Sberbank... read more

  Gazprom Neft may be the most probable buyer of Urals Energy?s (UEN.LN) assets, which the company is selling to its lender OAO Sberbank (SBER.RS), as the bank is hardly interested in keeping them, Lev Snykov from VTB bank says. Adds that the failure to restructure the debt to Sberbank and the subsequent sale of the main assets is "the end of Urals Energy as we know it." Trading in Urals Energy shares is suspended.
• 08/01/09

  an article in the Times reports: 08.01.09: -0.88, (3.5) an article in the Times reports: Urals Energy fell 10.38p to 4.38p after news that it had failed to find a buyer... read more

  an article in the Times reports: 08.01.09: -0.88, (3.5) an article in the Times reports: Urals Energy fell 10.38p to 4.38p after news that it had failed to find a buyer and that its main assets would go to its bank
• 17/12/08

  an article in the Times reports: 17.12.08: -1.25, (16.25) an article in the Times reports: Urals Energy rose 5.5p to 16.25p after it confirmed, not for the first time,... read more

  an article in the Times reports: 17.12.08: -1.25, (16.25) an article in the Times reports: Urals Energy rose 5.5p to 16.25p after it confirmed, not for the first time, that it was in talks over a possible sale.
• 16/12/08

  16.12.08 :-4.75, (16.25) Urals Energy remains in talks with third parties and has not received a takeover offer, the mid-sized Russian... read more

  16.12.08 :-4.75, (16.25) Urals Energy remains in talks with third parties and has not received a takeover offer, the mid-sized Russian oil firm said on Tuesday, paring an early leap in its share price. Business daily Kommersant reported on Tuesday that Chinese state-run energy giant Sinopec was in talks to buy Urals for $130 million, five times higher than its market price. Urals? London-traded shares opened 100 percent higher, but pared gains and by 0900 GMT were up 28 percent at 13.9 pence. Urals, whose owners include Leonid Dyachenko, the former son-in-law of Russia?s late ex-president Boris Yeltsin, said the possibility of an offer for the company had been raised as part of discussions first disclosed on Dec. 5. "However, it remains the case that no offer has been made and there can be no certainty that an offer will be made," it said. China has been vying for a greater slice of neighbouring Russia?s energy resources and has plans with Russia to conclude a 15-year oil supply deal. "Chinese state firm Sinopec started talks with Urals shareholders in October about buying the firm," Kommersant reported, quoting unnamed sources both close to negotiations and from Urals Energy. The $130 million price tag quoted by the newspaper was almost five times higher than the value of Urals on the London Stock Exchange before the market opened. Urals? market capitalisation at Monday?s close was 19.15 million pounds ($28.81 million), according to Reuters data. In Russia, Sinopec is developing the Sakhalin-3 oil and gas project on the Russian Pacific island of the same name along with state oil major Rosneft. In 2006 it bought Udmurtneft, a production unit from BP?s Russian unit TNK-BP, for $3.5 billion which it now co-runs with Rosneft. Sinopec was not immediately available for comment.
• 06/06/08

  +2.50 +180.00

  JP Morgan has initiated coverage on Imperial Energy Corporation Plc as ?underweight? with a 950 pence target price and Urals Energy Plc... read more

  JP Morgan has initiated coverage on Imperial Energy Corporation Plc as ?underweight? with a 950 pence target price and Urals Energy Plc as ?overweight? with a 320 pence target price in a sector review, market sources said. In a note published this morning, JP Morgan said that it recommends switching to Urals Energy from Imperial Energy Corporation. The broker added that Urals Energy is superior on economics of growth.

Urals Energy Public Company Limited, a Cyprus-based holding company admitted to trading on the London Stock Exchange’s Alternative Investment Market (AIM), is an independent oil company with its operating assets located in Russia. Urals Energy’s main exploration and production operations are in Timan Pechora and on Sakhalin Island.

According to DeGolyer & MacNaughton (D&M), the Company's independent reserves auditors, as at 31 December 2007 the company had 2P (proved and probable) reserves of 58.5 mmboe.

The company is currently producing approximately 2.4 kbopd from Petrosakh and Arcticneft with 70% and 100% of production being exported respectively.

The Company operates its Russian holdings and directs the management of their operations through its Moscow subsidiary, OOO Urals Energy (a Russian limited liability company). In addition, the Company maintains its head office in Nicosia, Cyprus.

Urals Energy's objective is to increase shareholder value by focusing on development of its foundation of proven and probable reserves (2P). 

Urals Energy is looking to continue to balance its portfolio and provide potential shareholder upside by selectively pursuing exploration opportunities where the potential for significant recoverable reserves exists.

Petrosakh 

Petrosakh was founded in 1991 as a Russian-U.S. joint venture to develop the Okruzhnoye field on the Eastern coast of Sakhalin Island. In 1993 and subsequently in 1997, Petrosakh was licensed to produce oil from the Okruzhnoye field for a period of 20 years.

In 1993, a 50% interest in Petrosakh was acquired by Nimir Petroleum Petrosakh Limited (‘‘Nimir’’), a subsidiary of Nimir Petroleum Group. Nimir accelerated the development of the field by drilling four new producing wells and recompleting 12 wells as producers. Nimir also constructed a 4,100 BOPD refinery, oil processing facilities, a marine export terminal and a 240-man work camp. By 1999, Nimir had invested approximately $150 million in the development of the Okruzhnoye field and production peaked at a rate of approximately 4,900 BOPD. Since that time, production gradually declined due to the lack of any substantial additional capital investment.

In or about 2000, Nimir Petroleum Group sold its ownership interest in Nimir to an affiliate of the Alfa Group, Moscow. From 2001 to 2002, Petrosakh drilled an additional three producing wells. In 2001, Petrosakh was licensed for the geological study of the Pogranichnoye Block, which lies directly offshore and parallel to the existing Okruzhnoye field. In the summer of 2002, Petrosakh acquired a 480 square kilometre 3D seismic programme covering the central portion of the Pogranichnoye Block. In 2004, Petrosakh acquired an additional 65 square kilometres of 3D seismic in two programmes covering the Northern and Southern areas of the near-coastline transition zone. The Administration of Sakhalin Oblast currently controls a 2.84% minority ownership interest in Petrosakh which is held by its wholly-owned subsidiary, Sakhalin Oil Company.

The Company acquired full control of Alfa’s 97.16% ownership interest in Petrosakh on 19 November 2004. As part of the agreement to acquire Petrosakh, the Company agreed to pay to the seller, Alfa, a perpetual royalty payment for any commercial quantities of oil produced and landed from the currently non-producing offshore areas covered by the license for the Pogranichnoye Block equal to $0.25 per tonne ($0.03 per barrel).

To find out more about Petrosakh Existing Production please click here. 

To find out more about Petrosakh Refining and Marketing please click here.

ArcticNeft

ZAO ArcticNeft is a Russian closed stock private company founded in 1998 by OAO Arkhangelskgeoldobycha (51%) and OAO LUKOIL-Arktik-Tanker (49%) for the purpose of developing and operating the Peschanoozerskoye field on Kolguyev Island in the Barents Sea. The field was originally discovered in the early 1980s by Arkhangeloskoye Production Geological Amalgamation, a predecessor of OAO Arkhangelskgeoldobycha, and production began in 1985.

Following a re-organization of LUKOIL-controlled subsidiaries in 1999, the Company was licensed for the production of hydrocarbons from the field. The term of the license is until the later of the depletion of the field or 2067. In December 2004 the ownership interest of OAO LUKOIL-Arktik-Tanker was transferred to OOO LUKOIL-Kaliningradmorneft.

On 11 July 2005 the Company acquired 100% of the stock of Arctineft from OAO Arkhangelskgeoldobycha and OOO LUKOIL-Kaliningradmorneft.

To find out more about ArcticNeft Existing Production please click here. 

To find out more about ArcticNeft Enhanced Development please click here. 

To find out more about ArcticNeft Refining and Marketing please click here. 

Directors and Senior Management

Andrew Shrager – Non-Executive Chairman

Andrew Shrager is a private investor with a wealth of experience in investment banking.  Some of his main roles include: senior adviser at Renaissance Capital (emerging markets); senior advisor to Merrill Lynch (Energy & Power group throughout Russia and Central Europe); especially the British Petroleum TNK acquisition; director of corporate finance at Lazard Brothers, where he advised both the Central Electricity Generating Board on its privatisation and National Power on its IPO.  Between 2001 and 2012 Andrew was a director of Utilyx, one of the UK’s leading specialists in energy and carbon, and between 2007 and 2010, he was a director of GeoDynamics Research.  Since 2012, Andrew has held the position of CEO at GeoDynamics Worldwide, an international oil service and investment company.

Alexei Maximov – Chief Executive

Alexei Maximov, 51, is one of the founding shareholders of Urals Energy. He holds a BA in Economics and a MBA and has a background in venture capital, direct investments and turnaround situations in both Russia and the USA. During the period 2001 to 2005 Mr Maximov was involved with certain M&A activities of the Urals Group.

Sergey Uzornikov – Chief Financial Officer

Mr Uzornikov, 44, has an extensive financial experience in oil and gas and power generation sectors. He started his career in PwC’s audit practices and after that has held senior positions in Yukos Oil Company, Lundin Petroleum Group and Enel OGK-5. Mr Uzornikov graduated from Moscow State Institute of international relations. As the Chief Financial Officer he is responsible for the Company’s financial management, budgeting and reporting.

Leonid Y. Dyachenko – Executive Director

Mr. Dyachenko is a successful entrepreneur and businessman who has a diverse range of interests including trucking and transportation, pharmaceuticals, and oil trading. Mr. Dyachenko began his career as a technological engineer with construction bureau SALUT. In 1992, he was seconded to Dresdner Bank, Frankfurt, where he completed a management training programme in corporate finance. Since then, he has participated in a number of new businesses, primarily related to commercial trading and export finance. He graduated from Moscow Aviation Technology Institute with a degree in Technological Engineering. Mr. Dyachenko is a Russian citizen and is 47 years old.

Aleksey V Ogarev – Executive Director

Mr Ogarev, 53, is the former Deputy Chief of Administration to the President of the Russian Federation and has 20 years of experience in government with various agencies and has been involved in the energy industry since 2001. He is the current Vice President of Government Relations for the Company.

Ingeborg Srenger – Non-Executive Director

Mrs Srenger has an extensive working knowledge of the oil industry, in which she has worked for over 30 years. Having graduated from Queen Mary College in London in Economic Sciences in 1980, Mrs Srenger worked as an oil market analyst at Petroleum Economics Ltd. in London, specialising in North Sea crude oil. Mrs Srenger joined Petraco Spa in 1981 as Senior Assistant to the Head of Crude Oil and Oil Products Purchases Department. Since 1993 she has held the role of Managing Director and Commercial Director responsible for worldwide oil and oil products trading.

Stephen Buscher – Non-Executive Director

Stephen Buscher has extensive financial experience, particularly in Russia, where he has lived and worked in the financial sector and subsequently the oil business for over twnety years.  He acted as the Co-head of the Moscow office for Lazard Freres and Merrill Lynch, where he was overall relationship manager for CIS oil businesses.  Stephen also founded and co-managed Eurasia Capital Partners, a private M&A advisory boutique with offices in Moscow and London before entering the oil and gas business.    He graduated from Connecticut College in 1983.  He also received a diploma from the London School of Economics in 1987 and a Masters in Business Administration from Yale University in 1991.

Stephen Buscher held the position of Chief Financial Officer when Urals Energy successfully listed on AIM in 2005, a position he held until August 2007. He then took up the Chief Financial Officer role at Terralliance Technologies in 2007, an oil and gas exploration company privately owned by Goldman Sachs and Kleiner Perkins. Stephen has recently been with the investment company Sistema as Executive Vice President investment strategy, and secondly as the Chief Executive Officer of Navitas Global Resources, the foreign project and exploration division and wholly-owned subsidiary of RussNeft.

Torbjörn Ranta – Non-Executive Director

Torbjörn Ranta has been actively involved in various Russian business projects since the mid 1990s and is a fluent Russian speaker. He has during this period been the CEO of a number of publicly listed natural resources companies such as Vostok Nafta Investment Ltd, Vostok Oil Ltd, Central Asia Gold AB and Malka Oil AB. He also represented North Atlantic Natural Resources AB between 1998 to 2001 as a Board Member of the Swedish exploration and mining company, the Lundin Group. He graduated from Stockholm School of Economics with a degree in Business Administration and Economics. He also worked for a year in 1982 at the Swedish Embassy in Moscow as a member of the consular section. Since 2009, Mr. Ranta has acted as Senior Consultant to several clients via his own company T. Ranta Företagsjuridik AB (TRFJAB) and in June 2012 accepted the contract position of Chief Operation Officer with Australian junior oil company Sprint Energy. He has also worked with Alpcot Capital Management Limited, which is the largest shareholder in Urals Energy.

Information taken from Company website 15.01.203