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“We are delighted that our IPO has been so positively received by investors. The offering will allow us to continue with our exploration and development programme in Russia and provide flexibility to our capital structure. Becoming a public company has been an important milestone for us as we move towards our goal of creating value for shareholders through exploitation of existing assets and further acquisitions. We look forward in the coming years to demonstrating shareholder value, and contributing to the long-term growth of the Russian economy and its standing within the international investment community."
Urals Energy is an oil independent exploration and production company with its principal assets and operations in Sakhalin Island, Timan Pechora and the Republic of Udmurtia, Russia.
Urals Energy is currently focused on integrating its six recently-acquired subsidiaries and exploitating their assets. In addition, the company is seeking to continue to grow and diversify its reserve and production portfolio through exploration activities and the acquisition of additional E&P assets, by taking advantage of the ongoing rationalisation in the Russian energy sector. The Company's subsidiaries have Proved and Probable reserves of 118 million barrels of oil equivalent (MMBOE) and currently produce approximately 9,000 barrels of oil per day (BOPD).
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