29 Apr 2009 07:00
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Announcement of Board and Executive Changes
Urals Energy today announces an addition to the composition of its Board of Directors (the "Board") and a change in its senior management.
Board Changes
The Board of Urals Energy today is pleased to announce it has elected Vyacheslav Ivanov as a member of the Board, appointing him with immediate effect as Chairman of the Board and the Company's Chief Executive. Mr Dyachenko who was previously Chairman and Chief Executive will remain on the Board as Non-Executive Director. In addition the Board continues discussions with a potential additional non-executive director to further strengthen the Board composition. Further announcements will be made in the due course if appropriate.
Mr. Ivanov has extensive experience in the Russian oil & gas and financial sectors. During his long career he has held senior positions at Lukoil and DB Petroleum and was also Managing Director of Corporate Finance at Uralsib and Director of the oil & gas practice at Troika Dialog. Mr. Ivanov is familiar with all of the Company's operations and since 2005 has led majority of the Company's efforts in the areas of acquisitions and business development.
The strengthening of the Board is aimed at assisting the Company with the completion of its debt restructuring efforts. Having considered its strategic options and in order to achieve the best value for shareholders, the Board now intends to explore a number of options beyond the stated asset divestiture, including preserving the listing and recapitalising the Company. The Board strongly believes in the attractiveness of the East Siberian oil province and the Company's established position in the region. The Board is in discussion with Sberbank regarding the aforementioned options and will update the market in due course.
Leonid Dyachenko, the retiring Chief Executive Officer, said:
"We welcome Vyacheslav Ivanov to the Board of the Company. He has significant experience in the Russian energy and financial markets. Mr. Ivanov is intimately familiar with the Company's operations, finances and history and will be able to bring a fresh perspective to guide us through these difficult times ".
Mr. Ivanov, the incoming Chairman, commented:
"I am confident that the new and strengthened Board will be able to move Urals Energy toward achieving value for the benefit of all shareholders. We want to thank Mr. Dyachenko for his service in keeping the Company stable in the recent past. He will continue to assist through his valuable advice and counsel on the Board of Directors".
29 April 2009
Enquiries:
| Pelham PR | ||
| Mark Antelme | +44(0)20 7337 1505 | |
| Evgeniy Chuikov | +44(0)20 7337 1513 |
The following information is disclosed pursuant to Schedule 2(g) of the AIM Rules:
Vyacheslav Ivanov is aged 39 and has no previous names. Mr Ivanov has held no other directorships in last five years. He has previously held positions with Urals Energy and other Russian enterprises engaged in the energy business.
Mr. Ivanov holds directly and beneficially 310,000 shares of Urals Energy. In respect of Mr Ivanov, there is no other information required to be disclosed pursuant to Schedule 2(g) of the AIM Rules.