18 May 2009 07:00
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Directorate Change
Urals Energy, an independent oil exploration and production company today announces the appointment of Grigory Kazakov as the Company's Chief Financial Officer. Mr Kazakov will replace Vladimir Sidorovich with immediate effect, who will remain with the Company as a Non-Executive Director.
Mr Kazakov was previously Urals' Vice President of Finance and has been with the Company since 2005. He has an extensive experience in the financial and oil and gas sectors and has held senior positions in PwC's audit and transactions practices in Moscow. He will be responsible for the Company's financial management and reporting.
Further to the announcement made on 29 April 2009, discussions have continued between the Company and Sberbank regarding restructuring options beyond the previously proposed asset divestitures. While these discussions continue, no material progress has yet been made and there can be no guarantee on the outcome of these discussions. Further updates will be provided in due course
Vyacheslav Ivanov, Chief Executive commented:
"Grigory is intimately familiar with the company and I am pleased to welcome him as our new Chief Financial Officer. His experience in the oil and gas sector will be important in assisting Urals in its current operations. I thank Mr Sidorovich for his contribution and look forward to his continued assistance as a Non-Executive Director."
18 May 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:
Grigory Kazakov is aged 34 and has no previous names. He has held no other directorships in last five years. In respect of Mr Kazakov, there is no other information required to be disclosed pursuant to Schedule 2(g) of the AIM Rules.