abce certificate
Thursday, 24 July, 2008, 10:40 GMT | more prices >>

Urals ties up TAAS deal



By Upstream staff 

Russia-focused Urals Energy said today it had completed the purchase from Finfund of a 32.3% interest in Taas-Yuriakh Neftegazodobycha (TASS), a move that more than doubles the company's reserves.

Urals said it paid $440 million in cash and the issue of 22,738,034 its company shares to Finfund for the stake.

Urals will buy a further 3% interest in Taas within 150 days from today and has an option to acquire a further 4.2% interest in January 2009

The stake purchase more than doubles Urals' net proved-plus-probable oil reserves by adding up to net 272 million barrels, of which 94 million barrels are classified as proved.

The company’s net production from East Siberia is now expected to rise to 75,000 barrels of oil per day by 2013, comprising 45,000 bpd from the SRB field and 30,000 bpd from the Dulisminskoye field.


Friday, 14 December, 2007, 07:44 GMT  | last updated: Friday, 14 December, 2007, 09:22 GMT

e-mail this article to a colleague


to email:  from:
comments: