UEN Urals EN.

RNS Number:0320Q
Urals Energy Public Company Limited
11 August 2005

                                 Press Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
RUSSIA, CYPRUS, CANADA, AUSTRALIA OR JAPAN.

FOR IMMEDIATE RELEASE

Urals Energy Public Company Limited (the "Company") today announces that the
over-allotment option granted by the Company in connection with its placing of
26,667,000 shares and its admission to trading on the Alternative Investment
Market operated by the London Stock Exchange plc ("AIM") has been exercised in
full by Morgan Stanley Securities Limited, the Company's stabilising manager.

The over-allotment option covers 4,000,050 new shares.  As a result of the
exercise, the free float of shares in the Company has increased from 32% to 35%
and the issued share capital of the Company has increased to a total of
86,681,186 shares.  The gross proceeds of the placing now total approximately
#73.6 million.

Morgan Stanley Securities Limited acted as sole lead manager and bookrunner for
the placing.

Unconditional trading in the Company's shares on AIM commenced at market opening
on Tuesday 9 August 2005.

Urals Energy Public Limited Company is an independent exploration and production
(E&P) holding company, incorporated in Cyprus, with its principal assets and
operations in Sakhalin Island, Timan Pechora and the Republic of Udmurtia,
Russia.

The Company's five E&P subsidiaries in Russia have proved and probable reserves
of approximately 90 million barrels of fuel oil equivalent (mmboe) and produced
approximately 5,600 barrels of oil per day (bopd) during the first six months of
2005. the Company's two largest subsidiaries, Petrosakh and Arcticneft, own and
operate refining assets with a total capacity of 5,300 bopd. The Company is
focused on the integration of its five recently acquired subsidiaries and the
exploitation of their assets.

In addition, Urals Energy is seeking to continue to grow and diversify its
reserve and production portfolio through exploration activities and the
acquisition of additional E&P assets by taking advantage of the ongoing
rationalisation in the Russian energy sector.

Contacts
Zoe Sanders
Bell Pottinger Corporate & Financial
6th Floor Holborn Gate
330 High Holborn
London WC1V 7QD
Tel: 020 7861 3887

This announcement is not for publication or distribution (directly or
indirectly) in or into Cyprus or the United States or to any resident or citizen
of Canada, Cyprus, Russia, Australia or Japan.  In addition, the shares have not
been, and will not be, registered under the United States Securities Act of
1933, as amended (the "Securities Act") or under and state securities laws and
may only be offered or sold in offshore transactions as defined in and in
accordance with Regulation S promulgated under the Securities Act and the shares
have not been and will not be registered under the laws of the Russian
Federation and may therefore not be offered or sold in the Russian Federation or
to Russian persons.  Purchasers of the shares may not offer to sell, pledge or
otherwise transfer the shares in the Untied States unless such offer, sale,
pledge or transfer is registered under  the Securities Act or an exemption from
registration is available.  The Company does not currently plan to register the
shares under the Securities Act or under the US Securities Exchange Act of 1934,
as amended.

This announcement is directed only at persons who fall within Article 12 (''
Communications to overseas recipients''), Article 19 (''Investment
professionals'') or Article 49(2)(a) to (d) (''High net worth companies,
unincorporated associations etc'') of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 or at such other persons to whom it can
otherwise lawfully be delivered (all such persons together being referred to as
"relevant persons"). This announcement is directed only at relevant persons and
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this announcement relates is
available only to relevant persons and will be engaged in only with relevant
persons.

This announcement does not constitute or form part of any offer for sale or
subscription of or solicitation of any offer to purchase or subscribe for any
securities and neither this announcement nor anything contained herein shall
form the basis of, or be relied on in connection with or act as an inducement to
enter into, any contract or commitment whatsoever. Any decision  to make an
investment in Urals Energy Public Company Limited should only be made on the
basis of information contained in the formal admission document issued by the
Company in connection with the placing.  The price and value of, and income
from, securities may go down as well as up.  Each potential investor should
consult his, her or its own legal adviser, financial adviser or tax adviser for
legal, financial or tax advice.

Morgan Stanley Securities Limited is acting for Urals Energy Public Company
Limited and no one else in connection with the placing and will not be
responsible to anyone other than Urals Energy Public Company Limited for
providing the protections afforded to its clients or for providing advice in
relation to the placing.

Stabilisation/FSA


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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