Sberbank Financing Agreement

RNS Number:7684H
Urals Energy Public Company Limited
15 November 2007

                      Urals Energy Public Company Limited

                       ('Urals Energy' or the 'Company')

               $270 Million Dulisminskoye Field Development Loan



Urals Energy, a leading independent exploration and production company with
operations in Russia, today announces the completion of a new project financing
loan agreement to repay the Goldman Sachs facility and fund the development of
the company's key asset at the Dulisminskoye field in Eastern Siberia. The loan
will enable Urals Energy to fully develop the field to its estimated peak
production of 30,000 bopd by 2011 and fully unlock the fields 464 mmboe of
independently audited 2p reserves.

Sberbank, the largest bank in Russia and Central and Eastern Europe has agreed
to provide a total of US$270 million to OOO NK Dulisma, a fully owned subsidiary
of the Company, under a long term debt facility. The loan is secured against
existing shares of OOO NK Dulisma and existing Urals Energy shares pledged as
security by two of the Company's largest shareholders and senior managers.

The facility is structured in two stages. An initial US $130 million is provided
under a 6 year term loan, which will finance the full and immediate repayment of
the principal and all other liabilities relating to the debt facility which was
arranged in January 2007 by Goldman Sachs. The remaining US $140 million, also
to be loaned for 6 years, will be available for drawdown in April 2008 against
an agreed schedule for development of the Dulisminskoye field.

The facility has been secured at comparable rates to the existing Goldman Sachs
facility and benefits the Company by way of its longer maturity and larger size.
This will enable the Company to complete development and maximise the benefits
from production and sales during the Mineral Extraction Tax holiday period
through to the end of 2016.

The Company is now in a stronger position to continue with its field development
progamme and has already delivered the first drilling rig to the field with a
second rig due in April 2008. In addition, land has been cleared for drilling
pads, infield roads and areas for the Central field Processing Facilities and
field camps.  Urals Energy anticipates first oil from the field to flow into
Transneft's ESPO in H1 2009.


Leonid Dyachenko, Chief Executive, commented:


"The signing of this important loan enables Urals to continue the development of
our first significant Eastern Siberian asset, the Dulimsnkoye field. With full,
longer term funding and key approvals now in place we have a clear path towards
developing the field to its full potential."



                                                                15 November 2007
Enquiries:

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




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