Urals Energy Public Company Limited Operational update, tanker loading and ADRA (5702T)

TIDMUEN

RNS Number : 5702T

Urals Energy Public Company Limited

21 November 2013

 
 Press Release   21 November 2013

Urals Energy PCL

("Urals Energy" or the "Company")

Operational update, tanker loading and alleged debt repayment agreement

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce the following operational update.

Petrosakh

As announced on 1 November 2013, drilling at Well #53 in the Petrosakh field on Sakhalyn Island has been completed and the Company is pleased to report that the current flow rate of Well #53 is approximately 70 barrels of crude oil per day. The Company is continuing to develop Well #53, as a result of which the flow rate may increase with time. Preparation works for drilling Well #112 are now being finalised and a further announcement will be made at the appropriate time.

Articneft

Following the announcement made on 12 November 2013 the Company would like to clarify that the reason than the shipment was not as large as the previous year was that close to the end of the loading process, the hose to the tanker was torn off by high winds and waves. Given the prevailing storm conditions and in order to avoid spillage, a decision was made to cease further attempts to re-connect and cancel the loading of the remaining crude. Given the fact that the storm was forecast to last for several days, a decision was made for the tanker to leave in order to avoid unnecessary demurrage. The remaining crude oil, approximately 1.5 tons, is still in storage at Articneft waiting for the next shipment.

Alleged debt repayment agreement

On 23 October 2013, the Company made an announcement concerning a purported 'Debt Repayment Agreement' (the "Alleged Agreement"), which appears to have been entered into in December 2010 between the Company and a Cyprus company owned by Mr. Vyatcheslav Rovneiko, UEN Cyprus Limited ("UENC"). The Alleged Agreement claims that the Company is liable to pay UEN Cyprus Limited the sum of US$41,652,000 on 15 December 2013.

The Company did not enter into the Alleged Agreement and has no liability thereunder. Since the announcement made by the Company on 23 October 2013, there have been the following further developments.

On 26 October 2013 and 1 November 2013 the Company wrote to UENC and Mr Rovneiko respectively, explaining why the Alleged Agreement is obviously not authentic and raising a number of questions to which a response was urgently requested. Mr Rovneiko has not responded or disputed that the Alleged Agreement is not authentic. UENC responded not to indicate it contends the Alleged Agreement to be authentic, but instead to say only that it is seeking legal advice.

Separately, the Company has sought clarification from those to whom it had been suggested the Alleged Agreement had been assigned or otherwise transferred. By letters dated on 29 and 30 October 2013, Mr. Barsky, Mr. Bosov and Fire East Corporation respectively confirmed that no such purported assignment or transfer has taken place.

Unless UENC or Mr Rovneiko respond otherwise, it appears the issue of the Alleged Agreement is at an end.

The Company has also today published its responses to a number of other shareholder questions and these can be viewed at http://www.uralsenergy.com/ir_shareholderQ&A.htm

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Alexei Maximov, Chief Executive       Tel: +7 495 795 0300 
  Officer 
 Sergey Uzornikov, Chief Financial      www.uralsenergy.com 
  Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                       Tel: +44 (0) 20 3328 
                                                   5656 
 Alex Price                      www.allenbycapital.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Shabnam     Tel: +44 (0) 20 7398 
  Bashir                                             7702 
 henry.ht@abchurch-group.com       www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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