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Sunday, 12 October, 2008, 12:50 GMT | more prices >>

Urals thinks big with TAAS move

By Upstream staff

Russian explorer Urals Energy is set to buy a 35.3% stake in East Siberia's Taas-Yuriakh Neftegazodobycha (TAAS), a deal which will more than double Urals's net proved and probable oil reserves.

Urals said in a statement it would pay $440 million in cash and $100 million in new shares of the company, plus a potential $50 million in further new shares payable within five months for the stake in TAAS.

Urals also has an option to buy a further 4.2% in TAAS at a cost of $70 million, plus interest, in cash or shares of the company.

Urals said the deal will more than double its net proved-plus-probable (2P) oil reserves by adding 272 million barrels, of which 94 million are classified as proved (1P), based on an audit by Degolyer & MacNaughton.

TAAS has the licence for East Siberian Srednebotuobinskoye, or SRB, field and the neighbouring Kurungsky Block.

"With this acquisition, the company's net production from East Siberia is expected to be 75,000 barrels per day by 2013, comprising 45,000 bpd from the SRB field and 30,000 bpd from the Dulisma," the statement said. Urals already controlled Dulisma prior to the acquisition.

Urals said it had received $500 million from Russia's largest bank, state-controlled Sberbank , to fund the purchase and another $600 million facility from Sberbank to fund the fields' development.

Urals said it will become the operator for the development of the SRB field but TAAS's current shareholders would retain control with 50.1% in TAAS. Urals did not name the current shareholders of TAAS.