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.
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.
Araca Energy ASA (the "Company") has experienced a substantial delay in reporting its 2016 consolidated financial statements. The Company is now in its final stages of completing the audited consolidated financial statements.
04.09.2017 - Araca Energy ASA makes organisational changes
Araca Energy ASA has today announced changes to its executive management structure in order to transition into a more robust company and to deliver on its strategy.
04.09.2017 - Update on previously announced proposed transactions
Reference is made to press releases dated 27.06.2016, 07.09.2016 and 12.09.2016, concerning potential transactions with OOO Geopromneft and PJSC Petrarko.
The company regrets to inform that it has not been possible to achieve final agreements with the two companies in question. The company will continue to pursue both organic and in-organic growth opportunities.