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Urals energy expands exploration of oil field in Russian Arctic

Urals Energy Public Co., a London traded company with assets in Siberia, will expand exploration of its field in Russia's Arctic after it received permission from authorities. The company plans to extend works at the Peshanoozersky field on Kolguyev Island in the Barents Sea after Russia's Ministry of Natural Resources awarded "the right to test zones, without any depth limitations, below the existing Lower Triassic horizon'' at the deposit, Urals said today in a Regulatory News Service statement. Urals expects to find "significant'' oil and gas potential, based on data collected in 1986 after a deeper well tested 180 barrels a day of oil, the company said. The well tapped a Permian reservoir that may hold 48 million barrels of reserves. The company didn't have to pay the Russian government for the exploration rights extension, Urals said. (Bloomberg)