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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9106J Urals Energy Public Company Limited 14 December 2007 URALS ENERGY PUBLIC COMPANY LIMITED ("URALS ENERGY" OR THE "COMPANY") COMPLETION OF ACQUISITION Urals Energy (LSE: UEN), a leading independent exploration and production company with operations in Russia, announces that it has completed the acquisition from Finfund Limited ("Finfund") of a 32.3% interest in OOO Taas-Yuriakh Neftegazodobycha ("Taas"), the principal terms for which were referred to in the Company's announcement on 28 November 2007 (the "Acquisition Announcement"). In accordance with the Acquisition Announcement, the price paid for the 32.3% interest comprised US$440 million in cash and the issue of 22,738,034 shares of the Company to Finfund (the "Consideration Shares"). Application has been made for admission of the Consideration Shares to AIM and it is expected that the admission will become effective on 18 December 2007. Finfund has undertaken not to dispose of the Consideration Shares for a period of 180 days from today, subject to customary exceptions. Also in accordance with the Acquisition Announcement, certain funds managed by Ashmore Investment Management Limited, a third party unrelated to the Company, have also completed their acquisition of a 10.5% interest in Taas. As referred to in the Acquisition Announcement, the Company will acquire a further 3.0% interest in Taas within 150 days from today and has an option to acquire a further 4.2% interest in Taas in January 2009. Leonid Y. Dyachenko, Chief Executive of the Company, commented: "The completion of this transformational acquisition is a significant step for the company and underlines our ability to deliver to our strategy. We now move towards achieving our operational targets." 14 December 2007 Enquiries: Pelham PR Gavin Davis +44(0)20 7743 6677 / +44(0)7910 104 660 Evgeniy Chuikov +44(0)20 3008 5506 / +44(0)7894 608 606 Notes to Editors This Acquisition more than doubles the Company's net proved-plus-probable (2P) oil reserves by adding up to net 272 mmbbl, of which 94 mmbbl are classified as proved (1P), based on a reserves study of the SRB field by Degolyer & MacNaughton ('D&M'). With this Acquisition, the Company's net production from East Siberia is expected to be 75,000 bopd by 2013, comprising 45,000 bopd from the SRB field and 30,000 bopd from the Dulisminskoye field (the 'Dulisma field'). This information is provided by RNS The company news service from the London Stock Exchange END ACQUOUKRBURUAAA
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