UEN Urals EN.

RNS Number:6861D
Urals Energy Public Company Limited
26 May 2006

URALS ENERGY PUBLIC COMPANY LIMITED

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

COMPLETION OF $190 MILLION PRIVATE PLACEMENT

Further to the announcement made on 16 May 2006, Urals Energy Public Company
Limited ("Urals Energy" or the "Company") (LSE: UEN), a leading independent
exploration and production company with operations in Russia, is pleased to
announce the successful private placement of a total of 28,262,706 new shares at
a price of 360 pence per share (the "Placing Shares"), raising $190 million.

The proceeds of the placement will be used to fund the balance of the
consideration for the pending acquisition of OOO Dulisma and OOO Lenskaya
Transportnaya Kompanaiya ("Dulisma"), which is due to complete in June 2006; to
discharge the Company's obligations to Morgan Stanley & Co. International
Limited, associated with the financing of the initial $50 million payment for
Dulisma; and for funding the Company's capital expenditure program and other
working capital needs.

The Placing Shares will be issued credited as full paid and will rank pari passu
in all respects with the Company's existing shares, including the right to
receive all dividends and other distributions declared, made or paid after the
date of issue.

The placement of shares is conditional upon, inter alia, admission of the
Placing Shares to trading on the Alternative Investment Market of the London
Stock Exchange ("Admission") and upon an increase of the Company's authorized
share capital to CY# 625,000 and authorization to disapply pre-emption rights in
relation to 57,000,000 shares at the Annual General Meeting of the Company to be
held on 1 June 2006.  It is expected that Admission will become effective and
that dealings in the Placing Shares will commence on 2 June 2006.

William R. Thomas, Chief Executive Officer, commented:

"Our ability to achieve an oversubscribed placement in very difficult market
conditions is a clear recognition by the market of the Group's superior
performance since our IPO and the transformational nature of the Dulisma
acquisition. The continuing support of our core institutional shareholders and
the addition of new investors in the placement confirms our strategy of growth
through acquisition and the drillbit.  The proceeds of the fundraising will
allow us to exploit fully the significant potential of the Dulisma field, which
will be a key driver of growth for the group going forward."

Morgan Stanley acted as lead manager in connection with the private placement.

26 May 2006


Pelham PR
James Henderson/ Gavin Davis - +44 (0) 20 7743 6673


This announcement has been issued by and is the sole responsibility of Urals
Energy Public Company Limited.

This announcement is for information purposes only and does not constitute an
offer or invitation to acquire or dispose of any securities or investment advice
in any jurisdiction.  This announcement does not constitute an offer to sell or
issue or the solicitation of an offer to buy or acquire any securities in the
capital of Urals Energy Public Company Limited in the United States or in any
jurisdiction in which such an offer or solicitation is unlawful and should not
be relied upon in connection with any decision to acquire the Placing Shares or
any other securities in the capital of Urals Energy Public Company Limited.
Morgan Stanley Securities Limited ("Morgan Stanley"), which is authorized and
regulated by the Financial Services Authority, is acting exclusively for Urals
Energy Public Company Limited in connection with the private placement and
no-one else and will not be responsible to anyone other than Urals Energy Public
Company Limited for providing advice in relation to the private placement or any
other matter referred to in this announcement.

The Placing Shares have not been and will not be registered under the U.S.
Securities Act of 1933 as amended (the "Securities Act") and, subject to certain
exceptions, may not be offered or sold in the United States (as such term is
defined in Regulation S under the Securities Act).  Accordingly, the Placing
Shares are being offered and sold only in "offshore transactions" as defined and
in accordance with Regulation S under the Securities Act.

Notes:

 1. Steve Buscher, the Company's Chief Financial Officer, has indirectly
    subscribed for 89,000 new shares pursuant to the placement.

 2. In accordance with AIM reporting requirements, Urals Energy announces the
    proforma profit impact of the acquisition of Dulisma on its financial
    results for the year ended 31 December 2005.

The results highlights for Urals Energy announced on 18 April 2006 were as
follows:

*   Gross revenues increased to $92.9 million (2004: $8.2 million)
*   Adjusted EBITDA of $16.9 million
*   Operating profit of $11.3 million (2004: loss of $3.7 million)
*   Post tax profit of $7.1 million (2004: loss of $3.6 million)

Based on IFRS accounting standards the pro-forma impact of the Dulisma
acquisition on the 2005 year end results would be:

*   Increase in gross revenues of $2,749,000
*   Decrease in EBITDA of -$1,430,000

 3. In connection with the private placement, Morgan Stanley, as stabilising
    manager, or any of its agents, may (but will be under no obligation to), to
    the extent permitted by applicable law, over-allot and effect other
    transactions with a view to supporting the market price of the shares of the
    Company at a level higher than that which might otherwise prevail in the
    open market. Morgan Stanley is not required to enter into such transactions
    and such transactions may be effected on any stock market, over-the-counter
    market or otherwise. Such stabilising measures, if commenced, may be
    discontinued at any time. Save as required by law or regulation, neither
    Morgan Stanley nor any of its agents intends to disclose the extent of any
    over-allotments and/or stabilisation transactions under the private
    placement.

In connection with the private placement, Morgan Stanley, as stabilising
manager, has entered into over-allotment arrangements with the Company, pursuant
to which Morgan Stanley, or any of its agents, may subscribe, or procure
subscribers for, additional shares of the Company up to a maximum of 10 per
cent. of the total number of shares comprised in the private placement at the
placing price. The over-allotment arrangements are exercisable in whole or in
part, upon notice by Morgan Stanley, at any time during the period commencing on
the date of announcement of the placing price and ending on the 30th day after
the date of allotment of the shares comprised in the Placement. Any shares made
available pursuant to the over-allotment arrangements will rank pari passu with
all other ordinary shares of the Company and will form a single class for all
purposes with the other ordinary shares.


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