Dulisma Update

RNS Number:2395M
Urals Energy Public Company Limited
22 January 2008

                      Urals Energy Public Company Limited
                       ('Urals Energy' or the 'Company')


                           Dulisma Development Update


Urals Energy, a leading independent exploration and production company with
operations in Russia, today announces an operational update on the Company's
Dulisma field, East Siberia.

In line with the Dulisma field development plan, Urals Energy has awarded
contracts totalling almost US$60 million for the construction of the first stage
of the Central Processing Facilities, infield gathering system and export
pipeline system which are scheduled for completion by end of 2008.

Urals Energy intends to tie-in to Transneft's East Siberia to Pacific Ocean
(ESPO) pipeline in accordance with previous approvals.  Consequently, all of the
273 mm diameter linepipe has been procured and is in the process of being
distributed to the pipeline route. In addition, long lead equipment for the CPF
is currently being delivered to the Dulisma field.

By the end of April, Urals Energy expects delivery of its second new drilling
rig from China and at the same time the Company also expects to have results
from the first new horizontal development well which is now being drilled with
the existing drilling rig.

Production is currently running at 800 bopd from existing wells. Dulisma, as
estimated by DeGolyer and MacNaughton, contains 464 mmboe of 2P reserves and is
anticipated to reach production of 30,000 bopd by 2011. Oil from the field is
expected to flow into the ESPO in H1 2009.

The Company is also making progress on its other operational areas, and further
detail will be provided when appropriate.



                                                                 22 January 2008

Enquiries:


Pelham PR
Gavin Davis                 [phone] / [phone]
Evgeniy Chuikov             [phone] / [phone]






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