Board Changes

27 Sep 2006 07:03

Urals Energy Public Company Limited27 September 2006 Urals Energy Public Company Limited Announces Board Changes Urals Energy Public Company Limited (LSE: UEN), the international oil and gasexploration and production company which was admitted to the AlternativeInvestment Market of the London Stock Exchange in August 2005 today announcesthe resignations of Mr. Viatcheslav Rovneiko and Mr. George Ramzaitsev from theCompany's board of directors, and the election of Mr. Charles J. Pitman asinterim Chairman of the board. Mr. Pitman has served as the Company's lead non-executive director sinceSeptember 2005 and has substantial experience as a former senior executive ofboth BP and Amoco with responsibility for matters in the former Soviet Union.He has assumed the role of interim Chairman of the board of directors of theCompany with immediate effect. Mr. Rovneiko and Mr. Ramzaitsev have both resigned for personal reasons and haveadvised the Company that they are doing so to devote attention to theircooperation with authorities in Belgium and to deal with claims arising out ofan investigation into tax compliance of a company unrelated to Urals Energy formatters occurring during the period 1993 to 2001. The investigation and claimsdo not relate to any of the businesses or activities of Urals Energy. The Board supports both directors in their efforts to deal with these personalmatters. Mr. Rovneiko will remain as a consultant to Urals Energy and the Company ispleased that he will continue to assist Urals Energy in its ongoing acquisitionactivities. Urals Energy continues to perform strongly with production currently averaging10,100 bopd and is on track to achieve stated production targets ofapproximately 13,000 bopd by the end of this year and approximately 19,000 bopdby the end of 2007. William R. Thomas, Chief Executive Officer, commented: "I regret but understand the decisions of Mr. Rovneiko and Mr. Ramzaitsev toresign while they focus on these personal matters and am gratified that Mr.Rovneiko will continue to support us in our acquisition activities as aconsultant to the Company. I am pleased that Chuck Pitman has agreed to becomeinterim Chairman of the Company. We have worked together for many years and Iknow he can continue to assist Urals Energy in its future development." 27 September 2006 Pelham PRJames Henderson 020 7743 6673Gavin Davis 020 7743 6677 This information is provided by RNS The company news service from the London Stock Exchange