7 Dec 2007 08:20
Urals Energy Public Company Limited07 December 2007 Urals Energy Public Company Limited ('Urals Energy' or the 'Company') Urals Energy to decommission idle wells Urals Energy Public Company Limited (LSE: UEN), a leading independentexploration and production company with operations in Russia, confirms thatKominedra, the subsurface resource agency in Komi Republic, has ordered theCompany's subsidiary Verkhneomrinskaya Neft to start decommissioning inactivewells within the Verkhneomrinskoye oil license (the License). The License waspart of the Arcticneft acquisition package in 2006 and was a peripheral part ofthe overall acquisition. No oil production activity has been undertaken sincethe acquisition. As such, Kominedra included a statement in its order tosuspend temporarily production and exploration activities for three months. The Company through its subsidiary plans to maintain the lease for potential useas Urals contemplates divestures. The decommissioning of these wells will notaffect overall operations or financial performance. 7 December 2007 Pelham PR Gavin Davis +44(0)20 7743 6677 / +44(0)7910 104 660 Evgeniy Chuikov +44(0)20 3008 5506 / +44(0)7894 608 606 This information is provided by RNS The company news service from the London Stock Exchange