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Tuesday, 02 December, 2008, 12:40 GMT | more >>

Urals sees revenues take a leap



By Upstream staff 

Russia-focused exploration and production company Urals Energy saw its 2006 total revenue increase by 83% year-on-year to $169 million, the UK-listed company said today.

Operating profit for the year stood at $34.1 million, compared with $11.3 million in 2005, while post-tax revenue reached $34.4 million, a five-fold increase from the previous year, Urals said in its annual financial report.

Urals booked a 82% year-on-year increase in average production to 9569 barrels of oil per day and forecasted output of 15,000 bpd by fourth-quarter 2007, rising to 19,000 bpd by mid-2008.

"With an intense development programme under way and a continued focus on acquisitions I believe we have all the fundamentals in place to achieve strong future growth and become a major Russian independent operator,” Urals chief executive Leonid Dyachenko said.


Monday, 30 April, 2007, 07:04 GMT  | last updated: Monday, 30 April, 2007, 07:13 GMT

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