Urals Energy, the Russian focused oil & gas exploration and production company, report that development drilling operations at Petrosakh, located on the east coast of Sakhalin Island, have recommenced with the drilling of Well # 41 and an operational update.

Highlights

• Drilling of Well#41 recommenced • Management team strengthened at Petrosakh • Articneft in preparation for the next planned tanker shipment, tentatively scheduled for October 2012 • Full Year results to be announced by the end of May 2012

Operational update

On 30 September 2011 when the Company announced its half-year results to 30 June 2011, the Board stated that its immediate focus, as part of the Company's recovery strategy, was the continued strengthening of its balance sheet and making further progress on the repayment of its outstanding debts.

Tags: Urals Energy Public Company