Incite Articneft21 Feb 2018 10:23
Arcticneft is a Russian closed joint stock company incorporated in 1998 in order to develop the Peschanoozerskoe field (eastern and western parts)
UEN acquired 100% of Arcticneft in July 2005
E&P License valid till 31.12.2067. Total reserves at 30/06/2017 was (w/o license extension and new acquisition):
�Russian classification BC1+C2 � 8.6 mln.tons (68.3 MMbbl)
�2P reserves Miller & Lents (based on report dated 01/01/2014) � 36.8 MMbbl
In October 2015 the Company expanded the boundaries of the license area, followed by increasing reserves base ABC1 by 1.3 mln.tons (10.3 MMbb)
In August 2016 Arcticneft purchased the entire share capital of Arctic Oil Company Limited (ANK). ANK has an R&D license for the development of the central part of the Peschanoozerskoe oil field C1+C2 reserves 2.0 mln. tons (16.0 MMbbl)
Located with direct route to European markets
High quality, light oil (46.7�API) with low sulphur content (0.075%)
Crude sold with an average premium of US$ 1.0 - 1.8/bbl to Brent
HSE
�131 employees
�Associated gas is fully utilized
�Operations are in compliance with Russian safety standards and HSE regulations
Production of Arcticneft stands at a level of 1,061 BOPD (Q4 2016).
Additional average production from newly acquired assets 348 BOPD