Urals Energy Plc Regulatory News (UEN)

3 Aug 2009 07:00



Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Dulisma Divestiture 

Urals Energy today announces the signing of the divestiture agreement with Sberbank regarding the Company's wholly owned subsidiary ZAO NK Dulisma ("Dulisma").

Under the agreement Urals Energy is divesting 100% of Dulisma to OOO Sberbank Capital, a wholly owned subsidiary of OAO Sberbank for the full discharge of $130 million loan and partial discharge of a US$500million loan. 

The Company continues to progress its work with Sberbank over the settlement of the remaining portion of the US$500million loan in relation to the Company's acquisition of the 35% stake in Taas Yuriakh which is subject to regulatory clearances and certain third party actions. As announced on 24 July 2009, the Company is also working towards the publication of the Annual Accounts and appointment of a new Nominated Adviser.

Further announcements will be made in due course.

3 August, 2009

Enquiries:

Pelham +44(0)20 7337 1500

Mark Antelme 

Evgeniy Chuikov