Urals Energy

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. 

Leonid Y. Dyachenko – Executive Chairman

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.

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.

Grigory B Kazakov – Chief Financial Officer

Mr Kazakov, 36, was previously Urals’ Vice President of Finance and has been with the Company since 2005. He has an extensive experience in the financial and oil and gas sectors and has held senior positions in PwC’s audit and transactions practices in Moscow. Mr Kazakov graduated from Gubkin Oil & Gas University. As the Chief Financial Officer he is responsible for the Company’s financial management and reporting.

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.

For Share Information on Urals Energy please click here