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31 Oct 2008 14:06

Urals Energy Public Company LimitedÂ
('Urals Energy' or the 'Company')Â
Update on Sberbank negotiations
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The Board of Urals Energy announces that negotiations with Sberbank regarding the rearrangement and extension of its loan facilities are ongoing. The Company is fully engaged with Sberbank in a constructive dialogue and, while no formal extension has yet been granted, Sberbank has indicated at this time that it does not intend to put the Company into default.
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The Company also continues to consider strategic options for the efficient development of its core assets and to pursue the sale of its non-core assets. It is still intended that these assets will be disposed by end Q1, 2009.
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Further announcements will be made in due course.
31 October 2008
Enquiries:
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Pelham PR |
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Evgeniy Chuikov |
+44(0)20 3008 5506 / +44(0)7894 608 606 |
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Mark Antelme |
+44(0)20 3178 6242 / +44(0)752 5951 011 |
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