Urals Energy will expand its boundaries in the Articneft licence area by 48.7 square kilometres, the Russia-focused energy independent announced Wednesday.

Urals Energy’s Articneft expansion

MOSCOW, October 7, 2015 – Urals Energy will expand its boundaries in the Articneft licence area by 48.7 square kilometres, the Russia-focused energy independent announced Wednesday. The extension was granted after the company paid about $443,000 to regulatory authorities in Russia.

The additions bring Urals’ licence area to a total of 158.7 square kilometres. The new area holds an estimated 10.3 million barrels of oil reserves of Russian State Registered ABC1. However, this figure has not been checked in accordance with the AIM Guidance Note for Mining, Oil and Gas Companies, meaning Urals will undertake further geological studies. The note stipulates that oil and gas companies must have a qualified person from outside the company make sure the assets meet certain standards.

The development falls in line with the Urals’ overall aim to inexpensively acquire additional licence areas. Furthermore, the company’s met their goal to have existing knowledge about newly acquire assets as the extension has the same geological plays.

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