Urals Energy Public Company Limited ADRA dismissed by Moscow Arbitration Court (1421N)

TIDMUEN

RNS Number : 1421N

Urals Energy Public Company Limited

23 July 2014

 
 Press Release   23 July 2014

Urals Energy PCL

("Urals Energy" or the "Company")

ADRA dismissed by Moscow Arbitration Court

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that on 21 July 2014 the Moscow arbitration court dismissed the claim of UEN Cyprus Limited in respect of a case to recover the sum of US$41,652,000 from Urals Energy (the "Claim") on jurisdictional grounds. Further details of the claim by UEN Cyprus Limited appear in the announcements made on 23 October 2013 and 21 November 2013.

Whilst the Company is pleased with the preliminary decision of the Moscow arbitration court, it has not yet received the final judgement from the court. In addition, given that the Claim was dismissed on jurisdictional grounds, it being between two Cypriot companies, the Board anticipates that it is likely that an appeal will be made and also that a new claim will be launched in Cyprus.

Urals Energy reiterates that it does not believe that the copy of a purported debt repayment agreement received by the Company to be a genuine document, and therefore does not accept that the Company could be bound by its terms. The Board will continue to pursue all appropriate actions necessary to defend the Company, including possible legal action in all applicable jurisdictions. Further announcements on this ongoing process will be made when appropriate.

- 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 
                                                          7710 
 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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