Urals Energy Public Company Limited Directorate change and strategic update (6498V)
29 Octobre 2014 - 6:34PM
UK Regulatory
TIDMUEN
RNS Number : 6498V
Urals Energy Public Company Limited
29 October 2014
Press Release 29 October 2014
Urals Energy PCL
("Urals Energy" or the "Company")
Directorate change and strategic update
Directorate change
The Board of Urals Energy (AIM: UEN), the independent
exploration and production company with operations in Russia,
announces the resignation of Alexei Maximov as the Company's Chief
Executive Officer, with effect from 31 October 2014. Alexei Maximov
will also stand down as a Director of the Company with effect from
the same date. The Board will commence the search for a new Chief
Executive Officer shortly and further announcements will be made at
the appropriate time.
The Board would like to thank Mr. Maximov for his years of
service to the Company and would like to place on record their
thanks to him for his contribution.
Leonid Dyachenko and Aleksey Ogarev have also indicated to the
Board today that they intend to stand down as Directors of Urals
Energy once appropriate replacements have been identified and
appointed.
The Board is in discussion with Adler Impex S.A. ("Adler"),
currently the largest shareholder of Urals Energy, about the
appointment of two new Directors of the Company.
Ingeborg Srenger (non-executive Director), Stephen Buscher
(non-executive Director) and Andrew Shrager (Chairman) will remain
in place on the Board.
It is proposed the Sergey Uzornikov will be appointed as interim
Chief Executive Officer and a further announcement will be made at
the appropriate time.
Strategic update
The Board also wishes to provide shareholders with the following
update in relation to the Group's immediate core priorities, which
are to:
-- undertake a comprehensive review of the drilling programme at
Petrosak to stabilise production and optimise refinery outputs to
maximise local market net backs;
-- prepare and implement a new development programme for
ArticNeft to bring forward production from the identified proven
undeveloped reserves set out by Miller & Lents in their recent
report (details of which have been announced previously). This
development programme will focus on raising production levels
substantially and improving the profitability of ArticNeft;
-- improve investor perceptions and understanding of the
Company's stable financial position and potential of its assets;
and
-- identify potential acquisition opportunities within Russia
that combine existing oil production with potential for adding
reserves, as well as refinery opportunities that can be integrated
with oil production.
The Company will also seek an early withdrawal of the Alleged
Debt Repayment Agreement or seek a more rapid legal solution to
this issue which has deflected the Company's management and
resulted in the Company incurring significant costs over the last
year.
Commenting Andrew Shrager, Chairman of Urals Energy said: "I
would like to place on record my thanks to Alexei Maximov for his
contribution to the Company and its shareholders over the last five
years. The changes to our Board and management will help reduce the
Company's overheads and ensure we have a team in Moscow that is
focused on our priorities for the next three years. We will be
recruiting a new Chief Executive Officer as soon as is
practicable.
"In the near term the Company will have to cope with a lower oil
price, rouble devaluation, and potentially rising rouble inflation
that can be expected to follow. The management will report back to
shareholders on our progress on a regular basis.
"The Board is pleased to be working with Adler Impex, a 44%
shareholder in the Company, on implementing the Company's strategy
and the identification of new Directors to join the Urals Energy
Board."
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Andrew Shrager, Chairman Tel: +7 495 795 0300
Sergey Uzornikov, Interim Chief www.uralsenergy.com
Executive 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
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
BOADKLFLZBFXFBF
Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Urals Energy (LSE:UEN)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024