Pricing of Private Placement

RNS Number:2012J
Urals Energy Public Company Limited
05 December 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES


                      Urals Energy Public Company Limited

                       ('Urals Energy' or the 'Company')

                          Pricing of Private Placement


Urals Energy Public Company Limited (LSE: UEN), a leading independent
exploration and production company with operations in Russia, announces the
successful private placement of a total of 32,857,000 new ordinary shares of the
Company (the "Placing") at a price per share of GBP1.90 (the "Placement 
Shares"), raising GBP62.4million (US$128.5million(1)), before expenses.


The proceeds of the Placing will be used by the Company for potential capital
expenditure requirements, including participation in future complementary
licence auctions, repayment of short-term loans and for general corporate and
working capital purposes.


The Placement Shares will be issued credited as fully paid ranking pari passu in
all respects with the Company's existing ordinary shares, including the right to
receive all dividends and other distributions declared, made or paid after the
date of issue.


The  Placing is conditional upon, inter alia, (i) completion of the acquisition
of a 32.3% interest in OOO Taas-Yuriakh Neftegazodobycha ("Taas") referred to in
the Company's announcement dated 28 November 2007 (the "Acquisition"); (ii)
admission of the Placement Shares to trading on the Alternative Investment
Market of the London Stock Exchange ("Admission"); and (iii) the approval by
shareholders at an Extraordinary General Meeting of the Company to be held on 17
December 2007 of an increase of the Company's authorised share capital to
300,000,000 shares and disapplication of pre-emption rights in relation to the
Placement Shares.  The Company continues to expect the Acquisition to close no
later than 18 December 2007.


Application for Admission has been made and it is expected that Admission will
become effective and that dealings in the Placement Shares will commence on 18
December 2007.


Certain current shareholders of the Company and the sellers in the Acquisition
(with respect to the shares to be issued to them pursuant to the Acquisition)
have undertaken not to dispose of ordinary shares in the Company for a period of
180 days following completion of the placement of the Placement Shares, subject
to customary exceptions.


Morgan Stanley Securities Limited ("Morgan Stanley") acted as lead manager in
connection with the private placement.


(1) The exchange rate used in this announcement is GBP2.058:US$1, being the
prevailing rate



5 December 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




Share pledges:


As previously disclosed in the announcement, dated 28 November 2007, regarding
the Acquisition, certain of the Company's management have pledged shares they
hold in the Company to the sellers in the Acquisition to secure certain
obligations of the Company to the sellers, including the deferred purchase by
the Company of an additional interest in Taas and the agreement of the Company
to lend certain sums to the sellers.  In addition, the same members of the
Company's management have agreed to pledge shares that they own in the Company
to Sberbank as security against the US$500 million loan provided by Sberbank to
part-finance the Acquisition cash consideration and to support the previously
announced loan from Sberbank for the development of the Company's Dulisma
subsidiary.  These various pledges to support Company obligations do not give
the pledgees rights to vote or otherwise act as the owner of the shares until
and unless there is a default by the Company in respect of its secured
obligations.

Under the AIM Rules, such a pledge is a disclosable event for a Director of the
Company. As such, the Company announces that Mr Leonid Dyachenko, Chief
Executive Officer, has pledged, or agreed to pledge, a total of 8,565,000 shares
held in the Company.


Stabilisation:

In connection with the private placement, Morgan Stanley, as stabilising
manager, or any of its agents, may (but will be under no obligation to), to the
extent permitted by applicable law, over-allot and effect other transactions
with a view to supporting the market price of the shares of the Company at a
level higher than that which might otherwise prevail in the open market. Morgan
Stanley is not required to enter into such transactions and such transactions
may be effected on any stock market, over-the-counter market or otherwise. Such
stabilising measures, if commenced, may be discontinued at any time. Save as
required by law or regulation, neither Morgan Stanley nor any of its agents
intends to disclose the extent of any over-allotments and/or stabilisation
transactions under the private placement.

In connection with the private placement, Morgan Stanley, as stabilising
manager, has entered into over-allotment arrangements with the Company, pursuant
to which Morgan Stanley, or any of its agents, may subscribe, or procure
subscribers for 1,643,000 additional shares of the Company at the placing price.
The over-allotment arrangements are exercisable in whole or in part, upon notice
by Morgan Stanley, at any time during the period commencing on the date of
announcement of the placing price and ending on the 30th day after the date of
allotment of the shares comprised in the Placement. Any shares made available
pursuant to the over-allotment arrangements will rank pari passu with all other
ordinary shares of the Company and will form a single class for all purposes
with the other ordinary shares.



Disclaimer:

This announcement does not constitute an offer to sell or issue, or the
solicitation of an offer to buy or subscribe for, Placement Shares in any
jurisdiction including, without limitation, the United Kingdom, the United
States, Australia, Canada or Japan. This announcement and the information
contained herein is not for publication or distribution, directly or indirectly,
to persons in the United States, Australia, Canada, Japan or in any jurisdiction
in which such publication or distribution is unlawful.

The Placement Shares referred to in this announcement have not been and will not
be registered under the US Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any State or other
jurisdiction of the United States, and may not be offered, sold or transferred
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.  The Placement Shares are being
offered and sold outside the United States in accordance with Regulation S under
the Securities Act.

The distribution of this announcement and the Placing and/or issue of the
Placement Shares in certain jurisdictions may be restricted by law. No action
has been taken by the Company, the Morgan Stanley, or any of their respective
affiliates that would permit an offer of the Placement Shares or possession or
distribution of this announcement or any other offering or publicity material
relating to such Placement Shares in any jurisdiction where action for that
purpose is required. Persons into whose possession this announcement comes are
required by the Company and the Morgan Stanley to inform themselves about and to
observe any such restrictions.

Any indication in this announcement of the price at which ordinary shares in the
Company have been bought or sold in the past cannot be relied upon as a guide to
future performance.

Morgan Stanley is acting exclusively for the Company in connection with the
Placing of the Placing Shares and no-one else and will not be responsible to
anyone other than the Company for providing the protections afforded to their
clients or for providing advice in relation to the placement or any matter
referred to in this announcement.






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

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