Urals Energy jumps on seismic news of Sberbank stake

26th Jul 2013 12:17

Oil junior Urals Energy has completed a seismic survey at its Arctic Sea project as Russia's largest bank took a major stake in the company. The Aim-listed company, which owns exploration and production operations in Northern and Eastern Russia, said it expected to be able to report results of its two Articneft passive seismic surveys in late August or early September. Urals Energy also mentioned that Russian bank Sberbank Capital took a 7.4% position in the company earlier in the week, to the delight of Chief Executive Officer Alexei Maximov.On the survey, Maximov said: "Whilst the conditions were challenging, we are pleased that the survey... has now been completed successfully at Articneft and once we are in receipt of the full data we will make a further update to the market.""On 24 July, we were notified that Sberbank Capital hold a 7.4% position in the Company and we are delighted to have the largest bank in Russia on our list of shareholders."A passive seismic spectroscopy survey of 40 data points was carried out over the West block on Kolguev island, and 12 places over the East block, with a separate passive micro-seismic survey carried out over a selected area in the West block, applying 10 measurement stations for seven days. The company said the results of the Spectroscopy survey will generate a hydrocarbon distribution map of the two blocks, whereas the micro-seismic will aim at locating the hypocenters of microtremors which will be a complimentary tool for upgrading the structural model of the subsurface of the West block.Maximov added that drilling operations at Petrosakh in Eastern Russia were proceeding according to plan. He said further information would be released once drilling is finished and the oil flow rate had been confirmed.Shares in Urals Energy were up 17.1% to 4.63p at 12:30 on Friday.OH