Urals Energy Public Company Limited Board and management changes / General update (5688Z)

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RNS Number : 5688Z

Urals Energy Public Company Limited

12 December 2014

 
   12 December 2014

Urals Energy PCL

("Urals Energy" or the "Company")

Board designation and management changes

Litigation and general update

The Board of Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, announces various Board role and management changes, along with a litigation and general update.

Board changes

Mr Leonid Dyachenko, who is presently an Executive Director of the Company and has held the position of CEO previously, will become interim CEO with immediate effect. This appointment will allow Mr Sergey Uzornikov to concentrate on his continuing role as the Company's CFO. Mr Uzornikov is not a member of the Board.

Mr Sergey Kononov, the representative of Adler SA, the largest shareholder of the Company, is to become the President of the Russian management company, Urals Energy LLC. Mr Kononov is a shareholder and Chairman of the Supervisory Board of Transnational Bank, a Moscow based bank. As President of Urals Energy LLC, Mr Kononov will report directly to the Board but it is not currently intended that he will be appointed as a Director of the Company.

Dr Vassily Dyviatov, who has a PhD in Geology, and has been a consultant to the Company, is to be appointed as Vice President of Urals Energy LLC, responsible for Exploration and Production.

Litigation and general update

As previously announced, the Company expects to be able to conclude a settlement agreement with Mr Viatcheslav Rovneiko shortly. The management team are finalising the Company's development plan for 2015, adjusting this for the changing circumstances in the markets. Based on work carried out to date, the Board currently believe that the fall in the rouble exchange rate will significantly offset the impact of a lower oil price on the Company which, the Directors believe, will minimise the impact on the Company's cash flow.

Mr Shrager, Chairman of Urals Energy, said: "It has become clear over the last few months that the combination of roles under Mr Uzornikov was placing too much on his shoulders and the Board are grateful to Mr Dyachenko for agreeing to take on the role of interim CEO. We welcome the involvement of Mr S Kononov in the management of the Company in Russia at a time when financial markets are particularly difficult. Mr Dyviatov brings much experience in oil exploration and production, and already is familiar with the Company's operations."

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman                Tel: +7 495 795 
                                                    0300 
 Leonid Dyachenko, Interim           www.uralsenergy.com 
  Chief 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 /              Tel: +44 (0) 20 
  Quincy Allan                              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

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