Announcement of Board and Executive Changes

 

TIDMUEN 
 
RNS Number : 3274R 
Urals Energy Public Company Limited 
29 April 2009 
 

Urals Energy Public Company Limited 
("Urals Energy" or the "Company") 
 
 
 
Announcement of Board and Executive Changes 
 
Urals Energy today announces an addition to the composition of its Board of 
Directors (the "Board") and a change in its senior management. 
 
Board Changes 
 
 
The Board of Urals Energy today is pleased to announce it has elected Vyacheslav 
Ivanov as a member of the Board, appointing him with immediate effect as 
Chairman of the Board and the Company's Chief Executive. Mr Dyachenko who was 
previously Chairman and Chief Executive will remain on the Board as 
Non-Executive Director. In addition the Board continues discussions with a 
potential additional non-executive director to further strengthen the Board 
composition. Further announcements will be made in the due course if 
appropriate. 
 
 
Mr. Ivanov has extensive experience in the Russian oil & gas and financial 
sectors. During his long career he has held senior positions at Lukoil and DB 
Petroleum and was also Managing Director of Corporate Finance at Uralsib and 
Director of the oil & gas practice at Troika Dialog. Mr. Ivanov is familiar with 
all of the Company's operations and since 2005 has led majority of the Company's 
efforts in the areas of acquisitions and business development. 
 
 
The strengthening of the Board is aimed at assisting the Company with the 
completion of its debt restructuring efforts. Having considered its strategic 
options and in order to achieve the best value for shareholders, the Board now 
intends to explore a number of options beyond the stated asset 
divestiture, including preserving the listing and recapitalising the Company. 
The Board strongly believes in the attractiveness of the East Siberian oil 
province and the Company's established position in the region. The Board is in 
discussion with Sberbank regarding the aforementioned options and will update 
the market in due course. 
 
 
 
 
Leonid Dyachenko, the retiring Chief Executive Officer, said: 
 
 
"We welcome Vyacheslav Ivanov to the Board of the Company. He has significant 
experience in the Russian energy and financial markets. Mr. Ivanov is intimately 
familiar with the Company's operations, finances and history and will be able to 
bring a fresh perspective to guide us through these difficult times ". 
 
 
Mr. Ivanov, the incoming Chairman, commented: 
 
 
"I am confident that the new and strengthened Board will be able to move Urals 
Energy toward achieving value for the benefit of all shareholders. We want to 
thank Mr. Dyachenko for his service in keeping the Company stable in the recent 
past. He will continue to assist through his valuable advice and counsel on the 
Board of Directors". 
 
29 April 2009 
 
 
Enquiries: 
+-------------------------+----------+---------------------------------------+ 
| Pelham PR               |          |                                       | 
+-------------------------+----------+---------------------------------------+ 
| Mark Antelme            |          | [phone]                    | 
+-------------------------+----------+---------------------------------------+ 
| Evgeniy Chuikov         |          | [phone]                    | 
+-------------------------+----------+---------------------------------------+ 
 
 
 
 
The following information is disclosed pursuant to Schedule 2(g) of the AIM 
Rules: 
 
 
Vyacheslav Ivanov is aged 39 and has no previous names. Mr Ivanov has held no 
other directorships in last five years. He has previously held positions with 
Urals Energy and other Russian enterprises engaged in the energy business. 
 
 
Mr. Ivanov holds directly and beneficially 310,000 shares of Urals Energy. In 
respect of Mr Ivanov, there is no other information required to be disclosed 
pursuant to Schedule 2(g) of the AIM Rules. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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