UEN Urals EN.

TIDMUEN

RNS Number : 0005L

Urals Energy Public Company Limited

23 April 2015

 
 Press Release   23 April 2015 
 

Urals Energy PCL

("Urals Energy" or the "Company")

EGM Statement

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to make the following statement ahead of the Company's Extraordinary General Meeting that is being held in Cyprus at 9 a.m. (BST) today.

As stated previously, the Board of Urals Energy believes that the Company's current share price range does not fairly represent the value of the Company for the following reasons:

 
 --   the Company has resolved the legacy litigation 
       issues and has the support of its major 
       shareholders; 
 --   the Company has largely been compensated 
       for the recent fall in oil price by the 
       reduction in the rouble exchange rate and 
       the Company is able to trade normally in 
       the Russian economy; 
 --   as previously announced the Company's work 
       over programme at Articneft has been successful 
       and is proceeding in accordance with the 
       Board's schedule. Once the oil price recovers 
       further, the Board has plans for a significant 
       programme to develop the Company's proven 
       underdeveloped reserves at Articneft; 
 --   at Petrosakh, the Company has resolved the 
       immediate problems at the refinery and will 
       soon have a replacement control system. 
       On Well #112, as previously announced, the 
       Company had technical problems and are deviating 
       the well, but having to proceed slowly to 
       reduce the risk of further technical issues, 
       and will announce results as soon as they 
       become available; 
 --   the Company is debt free; 
 --   the Company expects to make its annual shipment 
       from Articneft in August 2015, two months 
       ahead of last year, which the Board believes 
       will reduce the weather risks that the Company 
       has faced in previous years; 
 --   the Board has, and continues to, consider 
       a number of potential acquisition opportunities, 
       but is only prepared to pay what the Board 
       considers to be fair premiums for assets. 
       The Board still believes that opportunities 
       for suitable acquisitions will emerge in 
       Russia, given the current market conditions; 
       and 
 --   the Board remains confident that Urals Energy 
       can continue to manage its business successfully 
       and expand the Company as opportunities 
       allow. 
 

The Company expects to announce its preliminary results for the year ended 31 December 2014 in May 2015, further details of the exact date of the release of the Group's results will be announced in due course.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief Executive Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Price               Tel: +44 (0) 20 
  / Alex Brearley                             3328 5656 
                                 www.allenbycapital.com 
 
 
 Media enquiries: 
  Abchurch 
 Henry Harrison-Topham / Quincy          Tel: +44 (0) 20 
  Allan                                        7398 7702 
 uralsenergy@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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