18 Nov 2014 07:00
18 November 2014 |
Urals Energy PCL
(''Urals Energy'' or the ''Company'')
ADRA dismissed by 2nd Court of Appeal in Moscow
The Board of Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, announces that it has received notification from the Moscow Court of Cassation (the 2nd level appeal court in Moscow) that the Company has won its case concerning Urals Energy's appeal against the ruling of the 1st level appeal court in Moscow to grant Russian court jurisdiction in respect of the claim by UEN Cyprus Limited to recover the sum of US$41,652,000 from Urals Energy (the "ADRA"). Further details of the ADRA have been announced previously, including on 23 July 2014.
Urals Energy is also pleased to announce that it is in advanced discussions in relation to the withdrawal of all litigation between the Company and Mr. Viatcheslav Rovneiko and further announcements will be made at the appropriate time.
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For further information, please contact:
Urals Energy Public Company Limited |
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Andrew Shrager, Chairman | Tel: +7 495 795 0300 |
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Sergey Uzornikov, Interim Chief Executive Officer | www.uralsenergy.com |
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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 |