Urals Energy Public Company Limited Arbitration update and tanker loading (4947Q)

TIDMUEN

RNS Number : 4947Q

Urals Energy Public Company Limited

07 November 2012

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

7 November, 2012

Arbitration update and completion of tanker loading

Urals Energy is pleased to announce that following the update provided in its results to 30 June 2012 as announced on 28 September 2012, the arbitrator in the ongoing Arbitration against Vyatcheslav Rovneiko has issued a third Partial Final Award which orders that Mr Rovneiko is liable to pay to Urals Energy the sum of US$3,730,000.

The only remaining issues in the arbitration are to determine the amount of Mr Rovneiko's liability to pay interest on the loan and the allocation of the costs of the arbitration.

The Company intends to seek recovery of its costs now that Mr. Rovneiko's liability for the full amount of the principal of the loan has been finally determined by the arbitrator in favor of the Company.

The Company would also like to report that the loading of the tanker on Kolguyev Island from Arktikneft has been completed with the shipment of 231,594 barrels of crude to Petraco. Photographs from the recent loading of the tanker will be available on the company's web-site.

The daily production at Arktikneft has remained stable at 700 bopd, while at Petrosakh it has increased by 45 bopd and reached a level of 1440 bopd.

Commenting on today's release, CEO Alexei Maximov said:

"The board is happy to be close to turning the final page on Urals' legacy issues, including, prevailing in court over the unfounded allegations of a former director. With an ongoing strong operational performance, Urals is moving full steam ahead to 2013 and we remain confident of our ability to further increase production on our existing acreage, whilst seeking new ways to create value for our shareholders."

Enquiries:

 
 Urals Energy Public Company Limited    [phone] 
 Alexei Maximov 
                                       -------------------- 
 Sergey Uzornikov 
                                       -------------------- 
 
 Allenby Capital Limited                [phone] 
                                       -------------------- 
 Nick Naylor 
  Alex Price 
                                       -------------------- 
 
 Pelham Bell Pottinger                  [phone] 
                                       -------------------- 
 Mark Antelme 
                                       -------------------- 
 Maria Blank 
                                       -------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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