TIDMUEN 
 
RNS Number : 1110N 
Urals Energy Public Company Limited 
04 June 2010 
 

4June 2010 
                      Urals Energy Public Company Limited 
                        ('Urals Energy' or the 'Company') 
 
           Drilling Update, Notice of Results and Director's Dealings 
 
DrillingUpdate 
 
Following the trading update made by the Company on 26 May 2010 the board of 
Urals (the "Board") is pleased to announce that well 35b at Petrosakh, the first 
sidetrack well, has now been spudded. 
 
Notice of Preliminary Results 
 
The Board is also pleased to announce that it will be announcing its preliminary 
results for the year ending 31 December 2009 on 17 June 2010. 
 
Directors' Dealings 
 
On 2 June 2010 the Company was notified that Finfund Limited has exercised its 
rights to acquire 13,000,000 existing Urals shares with a nominal value of 
US$0.0063 from entities beneficially owned by two directors (being Leonid Y. 
Dyachenko and Aleksey V. Ogarev) and another significant shareholder (being 
Vyacheslav V. Rovneiko) (together the "Shareholders") pursuant to a share pledge 
agreement dated 26 November 2007 (the "Share Pledge Agreement"). 
 
The Share Pledge Agreement was entered into by entities beneficially owned by 
the Shareholders and secured various obligations of the Company under the terms 
of a sale and purchase agreement dated 26 November 2007 (the "SPA") relating to 
the acquisition by Urals of Taas-YuriakhNeftegazodobycha (the "Acquisition"). 
Such obligations included certain pledge fees which Finfund Limited are now 
claiming are owed by the Company. Based on Finfund Limited 's alleged defaults 
by the Company in respect of such pledge fees, Finfund Limited has chosen to 
exercise its rights under the Share Pledge Agreement to acquire 13,000,000 
shares in the Company from entities beneficially owned by the Shareholders (the 
"Pledged Shares"). The Shares beneficially owned and transferred to Finfund 
Limited as a result of such exercise of its rights against each Shareholder are 
as follows: 
 
+-----------------------------+---------------------------+ 
| Name                        |  Number of Pledged Shares | 
+-----------------------------+---------------------------+ 
| Vyacheslav V. Rovneiko      |                 8,010,000 | 
+-----------------------------+---------------------------+ 
| Leonid Y. Dyachenko         |                 3,422,000 | 
| (Executive Chairman)        |                           | 
+-----------------------------+---------------------------+ 
| Aleksey V. Ogarev           |                 1,568,000 | 
| (Executive Director)        |                           | 
+-----------------------------+---------------------------+ 
| Total                       |                13,000,000 | 
+-----------------------------+---------------------------+ 
 
In consequence of the exercise of Finfund Limited's rights as described above, 
any liability owed by Urals to Finfund Limited would be reduced by the value of 
the shares transferred. The Company understands however that this liability 
(equal to the transferred share value), whilst reducing any obligation of the 
Company to Finfund Limited, has been transferred by Finfund Limited to the 
Shareholders in proportion to the number of shares transferred by them under the 
Share Pledge Agreement. The Company intends to enter discussions with both 
Finfund Limited and the Shareholders shortly in relation to the settlement of 
these outstanding claims. 
 
The Company has also been notified by Finfund Limited that it has subsequently 
sold the 13,000,000 Pledged Shares to VR Trade Limited, a company incorporated 
in the British Virgin Islands. The Board believe that the Pledge Shares 
represent VR Trade Limited's entire interest in the Company's issued shares and, 
in the event that this is the case, VR Trade Limited have a notifiable interest 
in 13,000,000Urals shares with a nominal value of US$0.0063in the Company, 
representing approximately 6.90 per cent of the Company's issued share capital. 
 
Following the transfer of the Pledged Shares, the number of Urals shares held by 
the following directors is as follows: 
 
+------------------+---------------------------+------------------+ 
| Name of director |          Number of shares |    Percentage of | 
|                  |         beneficially held |    the Company's | 
|                  | following the transfer of |     issued share | 
|                  |        the Pledged Shares |          capital | 
+------------------+---------------------------+------------------+ 
| Leonid Y.        |                 3,676,760 |            1.95% | 
| Dyachenko        |                           |                  | 
| (Executive       |                           |                  | 
| Chairman)        |                           |                  | 
+------------------+---------------------------+------------------+ 
| Aleksey V.       |                 1,278,351 |            0.68% | 
| Ogarev           |                           |                  | 
| (Executive       |                           |                  | 
| Director)        |                           |                  | 
+------------------+---------------------------+------------------+ 
 
In addition, Vyacheslav V. Rovneiko has notified the board of Urals that as a 
result of the transfer of the Pledged Shares he now has has a beneficial 
notifiable interest in 11,374,963 Urals shares with a nominal value of 
US$0.0063in the Company representing approximately 6.03 per cent. of the 
Company's issued share capital. 
 
Enquiries: 
 
+----------------------------------+--------------------------------+ 
| Urals Energy Public Company      | +7 495 795 03 00               | 
| Limited                          |                                | 
+----------------------------------+--------------------------------+ 
| Alexei Maximov                   |                                | 
+----------------------------------+--------------------------------+ 
| GrigoryKazakov                   |                                | 
+----------------------------------+--------------------------------+ 
|                                  |                                | 
| Allenby Capital Limited          | +44 (0)20 3328 5656            | 
+----------------------------------+--------------------------------+ 
| Nick Naylor                      |                                | 
| Alex Price                       |                                | 
+----------------------------------+--------------------------------+ 
|                                  |                                | 
+----------------------------------+--------------------------------+ 
| Pelham Bell Pottinger            | +44 (0)20 7861 3232            | 
+----------------------------------+--------------------------------+ 
| Mark Antelme                     |                                | 
+----------------------------------+--------------------------------+ 
| EvgeniyChuikov                   |                                | 
+----------------------------------+--------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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