UEN Urals EN.

TIDMUEN

RNS Number : 2508X

Urals Energy Public Company Limited

18 November 2014

 
   18 November 2014 
 

Urals Energy PCL

("Urals Energy" or the "Company")

ADRA dismissed by 2(nd) Court of Appeal in Moscow

The Board of Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, announces that it has received notification from the Moscow Court of Cassation (the 2(nd) level appeal court in Moscow) that the Company has won its case concerning Urals Energy's appeal against the ruling of the 1(st) level appeal court in Moscow to grant Russian court jurisdiction in respect of the claim by UEN Cyprus Limited to recover the sum of US$41,652,000 from Urals Energy (the "ADRA"). Further details of the ADRA have been announced previously, including on 23 July 2014.

Urals Energy is also pleased to announce that it is in advanced discussions in relation to the withdrawal of all litigation between the Company and Mr. Viatcheslav Rovneiko and further announcements will be made at the appropriate time.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Andrew Shrager, Chairman                Tel: +7 495 795 0300 
 Sergey Uzornikov, Interim Chief          www.uralsenergy.com 
  Executive Officer 
 
   Allenby Capital Limited 
   Nominated Adviser and Broker 
 Nick Naylor                               Tel: +44 (0) 20 3328 
                                                           5656 
 Alex Price                              www.allenbycapital.com 
 

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7710 
 henry.ht@abchurch-group.com            www.abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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