TIDMUEN

RNS Number : 7099Y

Urals Energy Public Company Limited

30 December 2010

30 December 2010

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Result of EGM and placing update

Urals Energy, the Russian focused oil & gas exploration and production company, announces that the resolution put to shareholders at the Extraordinary General Meeting held earlier today (the "EGM") has been passed.

On 20 December 2010 the Company announced that Allenby Capital Limited ("Allenby Capital"), acting as the Company's agent, had placed 52,420 768 shares with a nominal value of US$0.0063 each (the "Placing Shares") with institutional and other investors at 11.0 pence per share (the "Placing"). Subsequently, the Company has placed a further 1,777,303 shares with an institutional investor at 11.0 pence per share. As a result, the Company is issuing 54,198,071 Placing Shares pursuant to the Placing.

The Placing is conditional upon admission of the 54,198,071 Placing Shares being admitted to trading on AIM. The Company is raising approximately GBP6.0 million (being approximately US$9.24 million, based on an exchange rate of US$1.54 to GBGBP1.00) before expenses.

Application has been made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM and it is expected that dealings in the Placing Shares will commence on or around 31 December 2010. The Placing Shares will rank pari passu with the existing shares of US$0.0063 each in the Company.

The Placing Shares are equivalent to approximately 22.10 per cent. of the enlarged issued share capital of the Company following Admission. The total enlarged issued share capital of the Company following Admission will be 245,192,034 shares of US$0.0063 each in the capital of the Company. The above figure may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the AIM Rules.

Enquiries:

 
 Urals Energy Public Company Limited    +7 495 795 03 00 
 Alexei Maximov 
                                       -------------------- 
 Grigory Kazakov 
                                       -------------------- 
 Allenby Capital Limited                +44 (0)20 3328 5656 
                                       -------------------- 
 Nick Naylor 
  Alex Price 
                                       -------------------- 
 
 Pelham Bell Pottinger                  +44 (0)20 7861 3232 
                                       -------------------- 
 Mark Antelme 
                                       -------------------- 
 Jenny Renton 
                                       --------------------

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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