Urals Energy Plc Regulatory News (UEN)

23 Sep 2005 07:01

Urals Energy Public Company Limited23 September 2005 Urals Energy Public Company Limited ("Urals Energy") Appointment of Non-Executive Director Viatcheslav Rovneiko, Chairman, and the Board of Urals Energy, a leadingindependent exploration and production company with operations in SakhalinIsland, Timan Pechora and the Republic of Udmurtia, Russia, which listed on AIMin August 2005, announce the appointment of Mr Charles Pitman as a Non-ExecutiveDirector. Mr Pitman, 63, a former lawyer and diplomat with the US Department of State, hasextensive experience in the oil and gas industry, including 24 years at AmocoCorporation and BP plc. During this time he held a number of senior positionsincluding managing operations in Egypt, Oman, Qatar and the former Soviet Union.Following Amoco's merger with BP he was Regional President, Caspian/Middle East/Egypt and India. In 2000, Mr Pitman was elected to the Board of Apache Corporation. He is alsoowner of Shaker Mountain Energy Associates, LLC, a consulting firm. Viatcheslav Rovneiko, Chairman of Urals Energy commented: "We are delighted that Charles has agreed to become our Non-Executive Director.He has invaluable experience in the worldwide oil and gas industry and withinthe Company's areas of operations. We look forward to him sharing his extensiveknowledge and experience to help develop Urals Energy into the leadingindependent oil company in Russia and the CIS. Charles Pitman, Non-Executive Director of Urals Energy commented: "Urals Energy has the key fundamentals in place to become the leading oilindependent in Russia; a highly experienced management team, high quality provedand probable reserves, solid production and significant exploration upside. Ilook forward to working with the Board to achieve its ambitious plans forgrowth." -ends- Enquiries: Pelham PRJames Henderson 020 7743 6673Charles Vivian 020 7743 6672 Mr Pitman, holds or has held directorships in the five years preceding hisappointment at Urals Energy, as follows: Current Directorships Previous DirectorshipsApache Corporation N/A There are no other matters to be disclosed in relation to Schedule 2 paragraph(g) of the AIM Rules. About the company: Urals Energy is an independent exploration and production (E&P) company with itsprincipal assets and operations in Sakhalin Island, Timan Pechora (includingareas in the Nenets Autonomous Okrug and Komi Republic) and the Republic ofUdmurtia, Russia. The Company is focused on the integration of its five recently acquiredsubsidiaries and the exploitation of their assets. In addition, it is activelyseeking to continue to grow and diversify its reserve and production portfoliothrough exploration activities and the acquisition of additional E&P companiesor assets by taking advantage of the ongoing rationalisation of E&P assets inRussia. The Company's five E&P subsidiaries have Proved and Probable reserves of 89.7million barrels of oil equivalent (MMBOE) and produced approximately 5,600barrels of oil per day (BOPD) during the first six months of 2005. The Company's two largest subsidiaries by reserves and production, Petrosakh andArcticneft, own and operate refining assets with a total refining capacity of5,300 BOPD, which provide the Company with the ability to maximise the value ofthe oil produced by choosing between the sale of oil or of refined productsdepending on market conditions, tax considerations and other factors. This information is provided by RNS The company news service from the London Stock Exchange