Urals Energy says that, following the payment of a royalty of RR27.5 million to the Russian regulatory authorities, the Company has been granted an additional license by the Russian regulatory authorities that has expanded the boundaries of its license area at Arcticneft by an additional 48.7 square kilometres. As a result of this expansion Urals Energy's Arcticneft license area now covers a total of 158.7 square kilometres.
The additional license area forms part of the same geology as the Company's existing license area at Arcticneft. The Company will undertake geological studies in the new license area and, depending on the results, will incorporate the additional license area into its Development Plan for the existing license area. The updated Development Plan will be reviewed by Miller & Lenz as part of an update of the Company's reserves next year.