Transneft tie-in approval

RNS Number:0420F
Urals Energy Public Company Limited
03 October 2007


                      Urals Energy Public Company Limited
                       ('Urals Energy' or the 'Company')


               Approval of Dulisminskoye pipeline tie-in designs


Urals Energy, a leading independent exploration and production company with
operations in Russia, today announces that OAO AK Transneft has approved the
Company's proposed designs and construction of the Dulisminskoye pipeline tie-in
to Transneft's ESPO.


Following the approval of the proposed technical designs and projected
construction work, the Company intends to commence field preparation work for
construction of the tie-in pipeline as planned in Q4 2007.


The Dulisminskoye field is located in the strategically significant Eastern
Siberia Region. This region has become the key new frontier in the Russian oil
and gas sector with its significant undeveloped reserves and close proximity to
Asian-Pacific markets.


As assessed by DeGolyer and MacNaughton the Dulisminskoye field is estimated to
have 464 mmboe and is projected to reach 30,000 bopd production by 2011. First
oil from the field is expected to flow into Transneft's ESPO in H1 2009.


Lyonid Dyachenko, Chief Executive, commented:

"The approval of the tie-in designs is a major milestone and will allow us to
commence construction of the pipeline on time.


As well as our earlier signed memorandum with Gazprom regarding the sale of gas
from the Dulisminskoye field, this is another important step towards full
development of this significant asset."


                                                                  3 October 2007

Enquiries:

Pelham PR

Gavin Davis                         +44(0)20 7743 6677 / +44(0)7910 104 660

Evgeniy Chuikov                     +44(0)20 3008 5506 / +44(0)7894 608 606



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