Urals Energy Public Company Limited Directorate Change (1261V)

TIDMUEN

RNS Number : 1261V

Urals Energy Public Company Limited

10 December 2013

 
 Press Release   10 December 2013

Urals Energy PCL

("Urals Energy" or the "Company")

Directorate change

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, announces that Torbjorn Ranta has resigned as a director or the Company with immediate effect.

Alexei Maximov, Chief Executive Officer of Urals Energy commented: "Following the exit of Alpcot Capital Management (as one of the requisitioners of the upcoming EGM) from the Company's shareholder register and the resignation of Mr. Ranta from the Board, as well as lack of a clear strategy for the development of the Company from Fire East Corporation, the Board once again would like to draw the attention of the shareholders to the fact that it views the proposed EGM as an unnecessary undertaking, which only serves as an ill-founded attempt by the requisitioners to take control of the Company without offering shareholders anything."

- 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 / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7702 
 quincy.allan@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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