Clarification regarding financing for 2017

07 March 2017

Urals Energy PCL ("Urals Energy" or the "Company")
Clarification regarding financing for 2017

Further to the Company's announcement of yesterday and following enquires from a number of shareholders, the board of Urals Energy PCL (AIM: UEN), the independent exploration and production company with operations in Russia, confirms that the Company is in a position to finance its planned operations for 2017, as described in yesterday's announcement from its existing financial resources.

As stated in yesterday's announcement, the Company continues to prepare development plans for approval by the Russian Federal Authorities for its operations on Kolguyev Island, its two companies in Komi (being BVN Oil and RK-Oil) and for the South Dagi licence area on Sakhalin Island. These long term development plans, once approved, will involve a considerable step up in the Company's drilling programme and the Board continues to investigate potential partnerships to finance and share risk in the execution of these new development plans.

Further announcements in respect of the above matters will be made in due course.

 

For further information, please contact:

Urals Energy Public Company Limited
Andrew Shrager, Chairman
Leonid Dyachenko, Chief Executive Officer
Sergey Uzornikov, Chief Financial Officer
Tel: +7 495 795 0300, www.uralsenergy.com

Allenby Capital Limited, Nominated Adviser and Broker
Nick Naylor / Alex Brearley
Tel: +44 (0) 20 3328 5656, www.allenbycapital.com

 

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