Urals Energy Public Company Limited Litigation update (7678J)
April 09 2015 - 8:49AM
UK Regulatory
TIDMUEN
RNS Number : 7678J
Urals Energy Public Company Limited
09 April 2015
Press Release 9 April 2015
Urals Energy PCL
("Urals Energy" or the "Company")
Litigation update
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, announces an update
on its litigation with Komineftegeofizika ("KNGF").
On 30 January 2015, the Company announced that it had won its
case against the appeal made by KNGF in the matter of its
outstanding loan to KNGF, equivalent to approximately US$500,000.
On 10 March 2015 Urals Energy announced that KNGF had filed a
second appeal with the cassation court and submitted a motion to
stop enforcement of the debt.
The Company is pleased to announce that a cassation hearing took
place today on KNGF's second appeal at Commercial Court of Moscow
District (the "Court"). The Court agreed with the decisions taken
earlier by the court of first instance and the appeal court and
refused to satisfy the KNGF's second appeal. The Court also revoked
the suspension of enforcement procedures by Urals Energy that were
imposed until the Court's decision had been issued.
Commenting Andrew Shrager, Chairman of the Company, said: "We
are delighted that the Moscow Court has rejected KNGF's second
appeal and removed the suspension on the enforcement procedures. We
will now consider the best way to enforce the Court's
decision".
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Quincy Allan / Viktoria Tel: +44 (0) 20
Langley 7398 7710
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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