Urals Energy Public Company Limited Result of Annual General Meeting (8713O)

TIDMUEN

RNS Number : 8713O

Urals Energy Public Company Limited

10 November 2016

10 November 2016

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Result of Annual General Meeting

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that at the Company's Annual General Meeting held today all resolutions proposed were duly passed.

Following today's approval by shareholders, the Board will now seek to implement the Company's Performance Share Plan (as described in the Company's announcement of 11 October 2016). Further announcements in this regard will be made as appropriate.

At the Annual General Meeting Andrew Shrager, Urals Energy's Chairman, made the following statement:

"We remain confident in our chosen strategy, as laid out in the report and accounts for the year ended 31 December 2015. Over the course of 2015 and 2016 we have developed a significant portfolio of additional proven and probable reserves and will continue to pursue new development plans and seek operational efficiencies wherever possible. We remain cautious in the current environment, and whilst oil prices and exchange rates may present medium-term challenges, we believe that we have gained a strengthened position for when conditions in the oil markets improve. We are confident that through our strategy we can build significant longer-term value for all of our stakeholders and look forward to updating the market as we progress our strategy."

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: [phone] 
  Leonid Dyachenko, Interim                   0300 
  Chief Executive Officer 
 Sergey Uzornikov, Chief       www.uralsenergy.com 
  Financial Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Brearley            Tel: +44 (0) 20 
                                              3328 5656 
                                 www.allenbycapital.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 10, 2016 05:25 ET (10:25 GMT)