Urals Energy Plc Regulatory News (UEN)

Urals Energy PCL

(''Urals Energy'' or the ''Company'')

Update on the EGM

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, announces that, in connection with the Extraordinary General Meeting of the Company due to held on 27 January 2014 (the "EGM"), it has today received a notice from Fire East Corporation ("Fire East"), the sole remaining requisitioner of the EGM, withdrawing the request that Maxim Barskiy and Jonathan Kolleck be appointed to the board of directors of the Company (the "Board"). Further, Fire East has requested that the other six proposed resolutions, which seek shareholders' approval to remove the existing members of the Board, are still put to shareholders at the EGM.

The Company notes that were the remaining six resolutions to be approved by shareholders at the EGM then, given that Fire East have not as yet proposed any alternate directors, the Company would be left without any directors on the Board. In this situation, the Company would be forced to seek the immediate suspension of its shares as it would be unable to operate effectively as a quoted company, pending the appointment of a suitably experienced Board.

The Board believes that this reinforces their unanimous recommendation that shareholders vote against all the resolutions proposed by Fire East at the EGM.

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