Further Placing Information

RNS Number:7824D
Urals Energy Public Company Limited
30 May 2006

                      Urals Energy Public Company Limited


                             FOR IMMEDIATE RELEASE

                        OVER-ALLOTMENT OPTION EXERCISED

Urals Energy Public Company Limited (the "Company") today announces that the
over-allotment option granted by the Company in connection with its private
placement of a total of 28,262,706 new shares (the "Placing Shares") on 26 May
2006 has been exercised in full by Morgan Stanley Securities Limited ("Morgan
Stanley), the Company's stabilising manager.



The over-allotment option covers 2,826,270 shares - equivalent to 10% of the
Placing Shares. As a result of the exercise the Company will, subject to
completion of the placement, have a total of 117,770,159 shares in issue and the
Company's free float will increase to approximately 52% of the issued shares.
The total gross proceeds of the placement will now total approximately $209
million.



Morgan Stanley acted as lead manager in connection with the private placement.



The placement of shares is conditional upon, inter alia, admission of the
Placing Shares to trading on the Alternative Investment Market of the London
Stock Exchange ("Admission") and upon an increase of the Company's authorized
share capital to CY#625,000 and authorization to disapply pre-emption rights in
relation to 57,000,000 shares at the Annual General Meeting of the Company to be
held on 1 June 2006.  It is expected that Admission will become effective and
that dealings in the Placing Shares will commence on 2 June 2006.





30 May 2006


Pelham PR
James Henderson                           020 7743 6673
Gavin Davis                               020 7743 6677







This announcement has been issued by and is the sole responsibility of Urals
Energy Public Company Limited.



This announcement is for information purposes only and does not constitute an
offer or invitation to acquire or dispose of any securities or investment advice
in any jurisdiction.  This announcement does not constitute an offer to sell or
issue or the solicitation of an offer to buy or acquire any securities in the
capital of Urals Energy Public Company Limited in the United States or in any
jurisdiction in which such an offer or solicitation is unlawful and should not
be relied upon in connection with any decision to acquire the Placing Shares or
any other securities in the capital of Urals Energy Public Company Limited.
Morgan Stanley Securities Limited ("Morgan Stanley"), which is authorized and
regulated by the Financial Services Authority, is acting exclusively for Urals
Energy Public Company Limited in connection with the private placement and
no-one else and will not be responsible to anyone other than Urals Energy Public
Company Limited for providing advice in relation to the private placement or any
other matter referred to in this announcement.



The Placing Shares have not been and will not be registered under the U.S.
Securities Act of 1933 as amended (the "Securities Act") and, subject to certain
exceptions, may not be offered or sold in the United States (as such term is
defined in Regulation S under the Securities Act).  Accordingly, the Placing
Shares are being offered and sold only in "offshore transactions" as defined and
in accordance with Regulation S under the Securities Act.




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

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