Urals Energy Public Company Limited EGM Statement (0005L)
April 23 2015 - 2:00AM
UK Regulatory
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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