(UEN.L) Urals Energy PLC Buy/Sell

MOSCOW, Nov 19 (Reuters) - Russia's Urals Energy has cleared the remaining portion of a $500 million debt to state-run Sberbank by divesting a 35.3 percent stake in an East Siberian oilfield, the company said on Thursday.
Mid-sized oil firm Urals will seek the resumption of trading in its shares on London's Alternative Investment Market (AIM) by the end of the year after transferring the stake in the Tass Yuriakh deposit to Sberbank, Russia's biggest lender.
Urals Energy had previously agreed to divest its stakes in Tass Yuriakh and another key asset, Dulisma, in order to fulfil its obligations to Sberbank on loans totalling $630 million. The assets, secured in 2007, were used as collateral on the loans.
"With all of the Sberbank debt now cleared, Urals can return to focus on delivering shareholder growth via our two producing oil assets," said Alexei Maximov, who was this month appointed chief executive of Urals.
Urals Energy produces oil at its Arcticneft unit on an island in the Barents Sea, and at its Petrosakh unit on the Pacific island of Sakhalin, the company says on its website, www.uralsenergy.com.

(Writing by Robin Paxton; editing by Simon Jessop) Keywords: URALS/ (robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net)

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MOSCOW, Nov 19 (Reuters) - Urals Energy Public Company Ltd:

RNS Number : 7382C Urals Energy Public Company Limited 19 November 2009

19 November 2009

Urals Energy Public Company Limited

("Urals" or the "Company")

Divestiture of Taas Yuriakh to Sberbank

Urals announces today the signing of the previously approved divestiture agreement between Sberbank and Urals in relation to the Company's stake in OOO Taas Yuriakhnefegazodobycha ("Taas").

According to the divestiture agreement signed today, Urals has transferred its 35.3% stake in Taas to OOO Sberbank Capital, a wholly owned subsidiary of OAO Sberbank, in return for full discharge of the outstanding portion of the US$500 million debt that was taken on in connection with Urals' acquisition of Taas in November 2007. The transaction is subject to filing which is expected to be completed in the next several days.

In connection with the transaction, Sberbank is releasing its security interests over the shares in Taas owned by Limenitis Holdings (an affiliate of the Ashmore Funds), allowing Limenitis to terminate its Put Option Agreement and security arrangements with Urals for nil consideration, thereby discharging Urals' obligations to Limenitis. Under the divestiture agreement Urals shares owned by certain large shareholders, which were pledged to Sberbank in connection with the financing, are also being released.

Following the completion of the long awaited Sberbank transaction, the Company now expects to publish its Annual Report and Accounts and Interim Results, hold its AGM and seek the resumption of trading in Urals shares on the AIM market of the London Stock Exchange before the year end.

Further announcements will be made in due course.

Alexei Maximov, CEO, commented:

"Today's news is a welcome and long-awaited step in our restructuring efforts and allows us to focus on finalising and publishing our annual and interim accounts. Thereafter we look forward to requesting the resumption of trading in our shares on AIM, dealing with our remaining assets and restructuring our outstanding obligations.

With all of the Sberbank debt now cleared, Urals can return to focus on delivering shareholder growth via our two producing oil assets."

Enquiries:

Allenby Capital Limited +44 (0)20 3288 5656

Rod Venables/James Reeve

Pelham PR +44 (0)20 7337 1500

Mark Antelme Evgeniy Chuikov

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

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LONDON, Nov 4 (Reuters) - Urals Energy Public Company Ltd:

RNS Number : 9739B Urals Energy Public Company Limited 04 November 2009

4 November 2009

Urals Energy Public Company Limited

("Urals" or the "Company")

Appointment of CEO

Urals is pleased to announce today the appointment of Alexei Maximov to the Board of Directors (the "Board") and as the new CEO of the Company with immediate effect. Leonid Dyachenko will remain on the Board and continue his role as the Company's Executive Chairman.

Alexei Maximov, 50, is one of the founding shareholders of the group that became Urals Energy. He holds a BA in Economics and a MBA and has a background in venture capital, direct investments and turnaround situations in both Russia and the USA. During the period 2001 to 2005 Mr Maximov was involved with certain M&A activities of the Urals Group. He has followed closely the development of Urals and has a keen understanding of the challenges which the Company now faces.

As stated in the 9 October Press announcement, the Company continues to work on its long-term strategy and intends to operate the remaining assets of the Company after completion of the previously announced Sberbank transaction. The closing of the Sberbank deal is dependent on third party approvals. Whilst the Directors anticipate these third party approvals in the coming weeks, they are also examining whether the 2008 annual and 2009 interim reports could be published and trading of its shares on AIM could be resumed ahead of completion of the Sberbank transaction. The Directors also reiterate the terms of the agreement with Limenitis announced on 24 July 2009 whereby the Limenitis' Put Option will be terminated on completion of the Sberbank transaction for nil consideration.

Leonid Dyachenko, Chairman, commented:

"I am pleased to announce Alexei's appointment as the new CEO. The Directors believe his experience and knowledge of the company will prove beneficial in completing our loan restructuring and taking the company forward. We look forward to his contribution."

Alexei Maximov, CEO, commented:

"I recognize the challenges that the company is facing in its present situation and am confident that by taking a prudent and commercial approach the Board will succeed in bringing the company to the next level.

I believe that currently the company needs to return to basics, finalise the imminent deal with Sberbank, cut costs, optimize existing operations, restructure its other existing obligations and cautiously explore emerging growth opportunities. In addition, we are aware of the concerns of the shareholders and are planning to address these within the shortest period of time.

I would like to thank Mr. Dyachenko and the Board for their support"

Mr Maximov is or has been a director of the following companies within the past five years:

Current directorships

Rosarium Plantations Limited

There is no further information required to be disclosed by Schedule 2 (g) of the AIM Rules.

Enquiries:

Allenby Capital Limited +44 (0)20 3288 5656

Rod Venables/James Reeve

Pelham PR +44 (0)20 7337 1500

Mark Antelme Evgeniy Chuikov

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

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LONDON, Oct 9 (Reuters) - Urals Energy Public Company Ltd:

RNS Number : 5772A Urals Energy Public Company Limited 09 October 2009

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Board Changes and Corporate Update

Management changes The company today announces the resignation of Vyacheslav Ivanov as the CEO and Chairman of the Company effective today. Leonid Dyachenko, a Director and former CEO of the Company, has assumed the duties as Interim CEO and Executive Chairman with immediate effect. The Company's Board of Directors (the "Board") expects to be able to announce the appointment of a permanent CEO shortly.

Strategy

Notwithstanding the changes in the senior management of the Company, the Board has confirmed that it is resolute in carrying out the Company's existing long-term strategy and will continue to operate the remaining assets of the Company after closing of the transaction previously announced with Sberbank and will consider other strategic options in the future. Sberbank Negotiations

Further to the update of 18 September 2009, the Company is awaiting the closing of the deal with Sberbank over the settlement of the remaining portion of the US$500million loan, which is expected to occur in the near term.

Annual Report and Accounts and Interim Report The Annual Report and Accounts for the year ended 31 December 2008 and the Interim Report for the period ended 30 June 2009 will be published following completion of the transaction with Sberbank and the completion of certain other refinancing arrangements. Until publication of the Report and Accounts and the Interim Report, trading in the Company's shares on AIM will remain suspended. In the event that the Annual Report and Accounts are not published by 31 December 2009, the Company will be delisted.

Leonid Dyachenko, Chairman, commented:

"I would like to thank Vyacheslav Ivanov for his hard work and efforts in negotiating the Sberbank deal and keeping up operations of the Company's assets under difficult circumstances. On behalf of the Board and the Company I would like to wish him all the best and success in his future endeavors.

"The directors of Urals are determined to continue its current strategy and restore the Company's listing on AIM. We hope to provide shareholders with a further update shortly."

9 October 2009

Enquiries: Allenby Capital Limited +44 (0)20 7510 8600 Rod Venables

Pelham PR +44 (0)20 7337 1500 Mark Antelme Evgeniy Chuikov

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

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RNS Number : 3102Z Urals Energy Public Company Limited 18 September 2009

URALS ENERGY PUBLIC COMPANY LIMITED

("Urals" or "the Company")

Appointment of Nominated Adviser and Broker

Update on Sberbank negotiations and Annual Accounts

Nominated Adviser and Broker

The Company is pleased to announce the appointment of Allenby Capital Limited as its Nominated Adviser and Broker with immediate effect.

Sberbank Negotiations

Further to the update of 3 August 2009, the Company continues to progress its work with Sberbank over the settlement of the remaining portion of the US$500million loan in relation to the Company's acquisition of the 35% stake in Taas Yuriakh which is subject to regulatory clearances and certain third party actions.

Annual Report and Accounts and Interim Report

The Annual Report and Accounts for the year ended 31 December 2008 and the Interim Report for the period ended 30 June 2009 will be published following completion of the transaction with Sberbank and the completion of certain other refinancing arrangements. Until the publication of the Report and Accounts and the Interim Report, trading in the Company's shares on AIM will remain suspended. In the event that the Annual Report and Accounts are not published by 31 December 2009, the Company will be delisted.

Further announcements will be made in due course.

18 September 2009

Enquiries:

Allenby Capital Limited +44 (0)20 7510 8600

Rod Venables

Pelham PR +44 (0)20 7337 1500

Mark Antelme

Evgeniy Chuikov

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

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