Urals Energy Public Company Limited Board Changes (6419S)

TIDMUEN

RNS Number : 6419S

Urals Energy Public Company Limited

22 December 2016

22 December 2016

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

Board Changes

The board of Urals Energy PCL (AIM: UEN), the independent exploration and production company with operations in Russia, announces that Mr Alexei Ogarev yesterday notified the Board of Urals Energy (the "Board") of his decision to resign from the Board with immediate effect.

Mr Ogarev has informed the Board that his decision is due to the fact that he wishes to concentrate on his personal projects. The Board would like to thank Mr Ogarev for his contribution as an executive director of Urals Energy.

The Board has confirmed Mr Leonid Dyachenko as the Company's Chief Executive Officer, a position that he previously held on an interim basis. The Board is considering the appointment of a non-executive director with experience of Government relations. Further announcements will be made as appropriate.

Andrew Shrager, Chairman, commented: Mr Ogarev has been a long-standing member of the Board and has been responsible for Government relations, a function that is vital to our operations. We will consider appointing a non-executive director with similar experience in the New Year. We welcome the confirmation of Mr Dyachenko as Chief Executive Officer. Mr Dyachenko has led the Company through the expansion of its portfolio via our successes in auctions for licences and acquisitions, and is committed to completing our development plans for each of our three principal areas, Articneft, Petrosak and Komi."

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: [phone] 
  Leonid Dyachenko, Chief                     0300 
  Executive Officer 
 Sergey Uzornikov, Chief       www.uralsenergy.com 
  Financial Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Brearley            Tel: +44 (0) 20 
                                              3328 5656 
                                 www.allenbycapital.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 22, 2016 09:05 ET (14:05 GMT)