Urals Energy Public Company Limited Operational Update and EGM Update (7091P)
October 04 2013 - 1:00AM
UK Regulatory
TIDMUEN
RNS Number : 7091P
Urals Energy Public Company Limited
04 October 2013
Press Release 4 October 2013
Urals Energy PCL
("Urals Energy" or the "Company")
Operational update and extraordinary general meeting ("EGM")
update
Urals Energy (AIM:UEN), the independent exploration and
production company with operations in Russia, announces an update
in relation to its current operations as well as in relation to the
requisitioned EGM.
Operational update
Urals Energy has now concluded its preliminary review of the
results of the Passive Seismic Spectroscopy and a separate
Micro-Seismic survey (together the "Surveys") which have been
carried out recently over a selected area in the West block of the
Company's Arcticneft asset. Urals Energy announced the preliminary
results of the Surveys as part of the Company's interim results
announcement on 27 September 2013.
The directors of Urals Energy (the "Board") believe that the
preliminary review of the results show the possibility of
significantly increasing production at Arcticneft from the current
horizons with limited capital and operational expenditure. This is
based on five main trends of hydrocarbon potential as revealed by
the results of the Surveys and is consistent with the Company's
existing exploration strategy. The Company continues to review the
results of the Surveys in more depth, including encouraging data on
possible future deeper drilling sites at Arcticneft.
Urals Energy expects to conclude the drilling of Well #53 during
the next two weeks and will make further announcements at the
appropriate time.
EGM update
As announced on 25 September 2013, Urals Energy has received a
requisition notice for an EGM (the "EGM Requisition") from Alpcot
Capital Management Ltd ("Alpcot") and Fire East Corporation ("Fire
East" and, together with Alpcot, the "Requisitioners") who state
that they are interested, in aggregate, in 77,302,785 shares in
Urals Energy representing approximately 30.62 per cent. of the
Company's issued share capital. Urals Energy, which has written to
Fire East in accordance with Urals Energy's articles of association
asking Fire East to identify its beneficial owners, has received no
indication from the Requisitioners that they intend on making a bid
for Urals' entire issued share capital.
Pursuant to Cypriot law, a notice convening the requisitioned
extraordinary general meeting (the "Notice") must be posted by the
Company to the shareholders of Urals Energy ("Shareholders") on or
before 15 October 2013 and the requisitioned extraordinary general
meeting will be held within the requisite period following the date
of the Notice. The Notice will be contained in a circular (the
"Circular") which will also contain a letter from the Board setting
out its view of the background to the EGM Requisition and its
reasons for advising Shareholders to vote against the resolutions
to be proposed at the EGM by the Requisitioners (the
"Resolutions").
The Board has been made aware of attempts by certain parties to
solicit irrevocable undertakings from Shareholders to vote in
favour of the Resolutions. These irrevocable undertakings are
therefore being sought in advance of publication of the Circular
and the Board strongly advises that Shareholders should take no
action pending publication of the Circular. Should any Shareholders
consider that they are being pressurised into signing an
irrevocable undertaking then they are asked to contact Urals Energy
in relation to this.
Urals Energy is currently considering other avenues in order to
maximise Shareholder value and the Board intends that details of
these will be included in the Circular to the extent possible.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7702
quincy.allan@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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