Urals Energy Public Company Limited, a Cyprus-based holding company, is an independent oil company with its operating assets located in Russia. Urals Energy's main exploration and production operations are on the Kolguyev Island based in Timan Pechora and on Sakhalin Island. According to Miller and Lents, Ltd., the Company's independent reserves auditors, as at 1 January 2014 the Company had 2P (proved and probable) reserves of 46.3 mmboe. The Company is currently producing on average approximately 2 kbopd from Petrosakh and Arcticneft with 100% of production being refined in Petrosakh and 100% being exported in Arcticneft. The Company maintains its head office in Nicosia, Cyprus and operates its Russian holdings and directs the management of their operations through its Moscow subsidiary, OOO Urals Energy (a Russian limited liability company).