Urals Energy has reported that profit for the year ended 31 December 2016 was $8m, compared to a loss of $4.1m for 2015.
Gross revenue was slightly ahead at $35.3m (2015: $31.4m). Earnings (EBITDA) were $7.8m (2015: $7.7m).
Total production for the year was 757k barrels, up from 675k barrels produced in 2015.
Operational highlights include:
- Total production at Arcticneft reached 289,986 barrels, including four months of Arctic Oil Company Limited ("ANK") production of 39,818 barrels (2015 total production of Arcticneft alone: 253,592 barrels)
- Total production at Petrosakh reached 466,721 barrels (2015: 421,726 barrels)
- Average daily production at Arcticneft (without ANK) for the first five months of 2017 was 738 barrels of oil per day ("BOPD"), compared with an average of 684 BOPD for the twelve months ended 31 December 2016
- Average daily production at ANK for the first five months of 2017 was 312 BOPD
- Average daily production at Petrosakh for the first five months of 2017 is 1,134 BOPD, compared with an average of 1,275 BOPD for the twelve months ended 31 December 2016
- In August 2016 the Company successfully completed the tanker shipment of 225,283 barrels of crude oil from Arcticneft (2015: 217,282 barrels)
- In June 2016 Petrosakh was awarded a 25 year exploration and development licence for the South Dagi oil field on Sakhalin Island, following an auction by the Russian State Authorities, with C1 and C2 Russian State Registered reserves of approximately 17.7 million barrels
- In August 2016, the Company completed the acquisition of ANK. At the time of acquisition ANK was producing 340 barrels/day and had 16 million barrels of C1 and C2 Russian State Registered reserves. The acquisition is expected to bring substantial future production economies for the Group
At 2:04pm: (LON:UEN) Urals Energy PLC share price was -1.5p at 121.5p