Urals Energy Plc Regulatory News (UEN)

11 Aug 2005 18:07

Urals Energy Public Company Limited11 August 2005 Press Release NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,RUSSIA, CYPRUS, CANADA, AUSTRALIA OR JAPAN. FOR IMMEDIATE RELEASE Urals Energy Public Company Limited (the "Company") today announces that theover-allotment option granted by the Company in connection with its placing of26,667,000 shares and its admission to trading on the Alternative InvestmentMarket operated by the London Stock Exchange plc ("AIM") has been exercised infull by Morgan Stanley Securities Limited, the Company's stabilising manager. The over-allotment option covers 4,000,050 new shares. As a result of theexercise, the free float of shares in the Company has increased from 32% to 35%and the issued share capital of the Company has increased to a total of86,681,186 shares. The gross proceeds of the placing now total approximately£73.6 million. Morgan Stanley Securities Limited acted as sole lead manager and bookrunner forthe placing. Unconditional trading in the Company's shares on AIM commenced at market openingon Tuesday 9 August 2005. Urals Energy Public Limited Company is an independent exploration and production(E&P) holding company, incorporated in Cyprus, with its principal assets andoperations in Sakhalin Island, Timan Pechora and the Republic of Udmurtia,Russia. The Company's five E&P subsidiaries in Russia have proved and probable reservesof approximately 90 million barrels of fuel oil equivalent (mmboe) and producedapproximately 5,600 barrels of oil per day (bopd) during the first six months of2005. the Company's two largest subsidiaries, Petrosakh and Arcticneft, own andoperate refining assets with a total capacity of 5,300 bopd. The Company isfocused on the integration of its five recently acquired subsidiaries and theexploitation of their assets. In addition, Urals Energy is seeking to continue to grow and diversify itsreserve and production portfolio through exploration activities and theacquisition of additional E&P assets by taking advantage of the ongoingrationalisation in the Russian energy sector. ContactsZoe SandersBell Pottinger Corporate & Financial6th Floor Holborn Gate330 High HolbornLondon WC1V 7QDTel: 020 7861 3887 This announcement is not for publication or distribution (directly orindirectly) in or into Cyprus or the United States or to any resident or citizenof Canada, Cyprus, Russia, Australia or Japan. In addition, the shares have notbeen, and will not be, registered under the United States Securities Act of1933, as amended (the "Securities Act") or under and state securities laws andmay only be offered or sold in offshore transactions as defined in and inaccordance with Regulation S promulgated under the Securities Act and the shareshave not been and will not be registered under the laws of the RussianFederation and may therefore not be offered or sold in the Russian Federation orto Russian persons. Purchasers of the shares may not offer to sell, pledge orotherwise transfer the shares in the Untied States unless such offer, sale,pledge or transfer is registered under the Securities Act or an exemption fromregistration is available. The Company does not currently plan to register theshares under the Securities Act or under the US Securities Exchange Act of 1934,as amended. This announcement is directed only at persons who fall within Article 12 (''Communications to overseas recipients''), Article 19 (''Investmentprofessionals'') or Article 49(2)(a) to (d) (''High net worth companies,unincorporated associations etc'') of the Financial Services and Markets Act2000 (Financial Promotion) Order 2005 or at such other persons to whom it canotherwise lawfully be delivered (all such persons together being referred to as"relevant persons"). This announcement is directed only at relevant persons andmust not be acted on or relied on by persons who are not relevant persons. Anyinvestment or investment activity to which this announcement relates isavailable only to relevant persons and will be engaged in only with relevantpersons. This announcement does not constitute or form part of any offer for sale orsubscription of or solicitation of any offer to purchase or subscribe for anysecurities and neither this announcement nor anything contained herein shallform the basis of, or be relied on in connection with or act as an inducement toenter into, any contract or commitment whatsoever. Any decision to make aninvestment in Urals Energy Public Company Limited should only be made on thebasis of information contained in the formal admission document issued by theCompany in connection with the placing. The price and value of, and incomefrom, securities may go down as well as up. Each potential investor shouldconsult his, her or its own legal adviser, financial adviser or tax adviser forlegal, financial or tax advice. Morgan Stanley Securities Limited is acting for Urals Energy Public CompanyLimited and no one else in connection with the placing and will not beresponsible to anyone other than Urals Energy Public Company Limited forproviding the protections afforded to its clients or for providing advice inrelation to the placing. Stabilisation/FSA This information is provided by RNS The company news service from the London Stock Exchange