Update on status of discussions

    RNS Number : 6283J
  Urals Energy Public Company Limited
  05 December 2008
   


    Urals Energy Public Company Limited
    (the "Company")


    Update on status of discussions
    The Board of Urals Energy today provides an update on the status of its discussions with Sberbank and other parties.
    
The Company remains fully engaged with Sberbank in a constructive dialogue regarding its loan facilities. While it remains the case that no
formal extension has been granted, Sberbank has indicated that it does not currently intend to put the Company into default.
    
The Company continues to consider all strategic options for the efficient development of its core assets and to pursue the sale of its
non-core assets and it remains in discussions with third parties regarding these options. As part of these discussions, the possibility of
an offer being made for the Company has been raised. At this stage no offer has been made and there can be no certainty that an offer will
be made or, if an offer is made, the level at which such offer may be made. 

Further announcements will be made in due course.
    
5 December 2008
    Enquiries:
 Pelham PR        
 Evgeniy Chuikov    [phone]
 Mark Antelme       [phone]


This information is provided by RNS
The company news service from the London Stock Exchange
 
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