Completion of Acquisition

24 Jan 2008 07:00

Urals Energy Public Company Limited24 January 2008 URALS ENERGY PUBLIC COMPANY LIMITED ("URALS ENERGY" OR THE "COMPANY") COMPLETION OF ACQUISITION Urals Energy (LSE: UEN), a leading independent exploration and productioncompany with operations in Russia, announces that it has completed the plannedacquisition from Finfund Limited of a further 3% interest in OOO Taas-YuriakhNeftegazodobycha ("Taas"), the principal terms for which were referred to in theCompany's announcement on 28 November 2007 (the "Acquisition Announcement"). In accordance with the Acquisition Announcement, the price paid for the 3%interest comprised US$50 million in cash. The Company now has a total interest of 35.3% in Taas and, as referred to in theAcquisition Announcement, retains an option to acquire a further 4.2% interestin Taas in January 2009. 24 January 2008 Enquiries:Pelham PRGavin Davis +44(0)20 7743 6677 / +44(0)7910 104 660Evgeniy Chuikov +44(0)20 3008 5506 / +44(0)7894 608 606 This information is provided by RNS The company news service from the London Stock Exchange