Araca Energy ASA

Araca Energy ASA (ARACA)

Araca Energy ASA (ARACA) is a oil and gas exploration and production company based in Oslo, Norway.

The company was founded in 2006 for the purpose of acquisition and production of oil and gas assets in Russia and the Commonwealth of Independent States (CIS).

Araca has several subsidiaries. Larchbay and Aladdin at Cyprus, which holds 100% of OOO Geotechnologia (GT), a Russian Gas operator. Select, another subsidiary in Dubai, holds 27.5% of Timan Oil and Gas Ltd., a Russian Oil operator with licenses in the Caspian Sea.

Current operations:

The Middle Sedyelskoe (MS) production license contains a gas field of the same name discovered in 2007. The MS field was brought on stream in 2010 and is currently producing around 250 BOE/D.

The Suskinaelskoe production license includes a gas field discovered in 2009 and is presently being assessed for further development.

The West Ukhtinskoe is an exploration and production license located between the well-known Yarega heavy oil field and Chibyu light oil field. Development options for this block are currently being reviewed and evaluated.

Through Timan, Araca Energy ASA also owns both the Izerbash (670 km2) and Sulak (610 km2) exploration blocks in the Caspian Sea, Dagestan. 7 prospective leads has been identified in the Izberbash block with resources of 500 MMBoe.

With support from its strong shareholder base, ARACA is continuing to develop both its producing and prospective exploration licenses, as well as evaluating other opportunities in the CIS region to deliver further production and reserves growth.

Latest news

21.02.2017 - Information of Directorate Change

Mr Atle Karlsvik has resigned as Chairman of the Board of Directors of Araca Energy ASA (the "Company") and will not be put forward by the Election Committee to be re-elected as a director of the Company at an Extraordinary General Meeting to be held shortly.

The Election Committee refers to the Public Companies Act (ASAL) §6-6 (1), concerning Board Members Time of Service and points out that Board Members serve for two years. Mr Karlsvik was registered as Chairman of the Board of Directors of Araca Energy ASA during January 2015.

12.09.2016 - Araca with new Russian take over

Araca Energy ASA will come back with more details regarding the transaction with the Russian oil company OOO Geopromneft.

07.09.2016 - Open Offer to Pursue Merger with Russian Oil & Gas Company

Araca Energy ASA joins forces with the Russian oil and gas company PJSC Petrarko to list on The Oslo Stock Exchange.