UEN Urals EN.

    RNS Number : 7285K
  Urals Energy Public Company Limited
  24 December 2008
   






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

    24 December 2008

    Update on Financing and Other Discussions 
                    
The Company remains fully engaged with Sberbank in a constructive dialogue regarding its loan facilities.  While it remains the case that no
formal extension has been granted, Sberbank continues to negotiate with the Company and has not indicated an intention to put the Company
into default.  Given the extended nature of these negotiations, in the context of continuing construction and drilling operations,
particularly in the Dulisma field, the Company's day-to-day liquidity position has become increasingly constrained.  At the same time, the
deterioration in financing markets and the significant fall in the oil price have delayed the Company's efforts to dispose of some of its
non-core assets.

    As a result of these factors, and while the Company remains in dialogue regarding various strategic options, including the possibility
of an offer being made for the Company, the Company is progressing negotiations with a third party for a short term working capital loan
facility in order to allow the Company to continue to operate to the extent that its strategic discussions continue beyond late January,
2009.  


    Further announcements will be made in due course.

    Enquiries:
    Pelham PR

    
 Mark Antelme        +44(0)20 3178 6242
 Evgeniy Chuikov     +44(0)20 3008 5506



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