TIDMUEN

RNS Number : 7091P

Urals Energy Public Company Limited

04 October 2013

 
 Press Release   4 October 2013

Urals Energy PCL

("Urals Energy" or the "Company")

Operational update and extraordinary general meeting ("EGM") update

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, announces an update in relation to its current operations as well as in relation to the requisitioned EGM.

Operational update

Urals Energy has now concluded its preliminary review of the results of the Passive Seismic Spectroscopy and a separate Micro-Seismic survey (together the "Surveys") which have been carried out recently over a selected area in the West block of the Company's Arcticneft asset. Urals Energy announced the preliminary results of the Surveys as part of the Company's interim results announcement on 27 September 2013.

The directors of Urals Energy (the "Board") believe that the preliminary review of the results show the possibility of significantly increasing production at Arcticneft from the current horizons with limited capital and operational expenditure. This is based on five main trends of hydrocarbon potential as revealed by the results of the Surveys and is consistent with the Company's existing exploration strategy. The Company continues to review the results of the Surveys in more depth, including encouraging data on possible future deeper drilling sites at Arcticneft.

Urals Energy expects to conclude the drilling of Well #53 during the next two weeks and will make further announcements at the appropriate time.

EGM update

As announced on 25 September 2013, Urals Energy has received a requisition notice for an EGM (the "EGM Requisition") from Alpcot Capital Management Ltd ("Alpcot") and Fire East Corporation ("Fire East" and, together with Alpcot, the "Requisitioners") who state that they are interested, in aggregate, in 77,302,785 shares in Urals Energy representing approximately 30.62 per cent. of the Company's issued share capital. Urals Energy, which has written to Fire East in accordance with Urals Energy's articles of association asking Fire East to identify its beneficial owners, has received no indication from the Requisitioners that they intend on making a bid for Urals' entire issued share capital.

Pursuant to Cypriot law, a notice convening the requisitioned extraordinary general meeting (the "Notice") must be posted by the Company to the shareholders of Urals Energy ("Shareholders") on or before 15 October 2013 and the requisitioned extraordinary general meeting will be held within the requisite period following the date of the Notice. The Notice will be contained in a circular (the "Circular") which will also contain a letter from the Board setting out its view of the background to the EGM Requisition and its reasons for advising Shareholders to vote against the resolutions to be proposed at the EGM by the Requisitioners (the "Resolutions").

The Board has been made aware of attempts by certain parties to solicit irrevocable undertakings from Shareholders to vote in favour of the Resolutions. These irrevocable undertakings are therefore being sought in advance of publication of the Circular and the Board strongly advises that Shareholders should take no action pending publication of the Circular. Should any Shareholders consider that they are being pressurised into signing an irrevocable undertaking then they are asked to contact Urals Energy in relation to this.

Urals Energy is currently considering other avenues in order to maximise Shareholder value and the Board intends that details of these will be included in the Circular to the extent possible.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Alexei Maximov, Chief Executive       Tel: +7 495 795 0300 
  Officer 
 Sergey Uzornikov, Chief Financial      www.uralsenergy.com 
  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 
                                                          7702 
 quincy.allan@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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