Urals Energy Public Company Limited Litigation update (7678J)

TIDMUEN

RNS Number : 7678J

Urals Energy Public Company Limited

09 April 2015

 
 Press Release   9 April 2015

Urals Energy PCL

("Urals Energy" or the "Company")

Litigation update

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces an update on its litigation with Komineftegeofizika ("KNGF").

On 30 January 2015, the Company announced that it had won its case against the appeal made by KNGF in the matter of its outstanding loan to KNGF, equivalent to approximately US$500,000. On 10 March 2015 Urals Energy announced that KNGF had filed a second appeal with the cassation court and submitted a motion to stop enforcement of the debt.

The Company is pleased to announce that a cassation hearing took place today on KNGF's second appeal at Commercial Court of Moscow District (the "Court"). The Court agreed with the decisions taken earlier by the court of first instance and the appeal court and refused to satisfy the KNGF's second appeal. The Court also revoked the suspension of enforcement procedures by Urals Energy that were imposed until the Court's decision had been issued.

Commenting Andrew Shrager, Chairman of the Company, said: "We are delighted that the Moscow Court has rejected KNGF's second appeal and removed the suspension on the enforcement procedures. We will now consider the best way to enforce the Court's decision".

- 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 
 Quincy Allan / Viktoria                  Tel: +44 (0) 20 
  Langley                                       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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