Urals Energy Public Company Limited Update on group structure (1319D)
April 24 2017 - 6:12AM
UK Regulatory
TIDMUEN
RNS Number : 1319D
Urals Energy Public Company Limited
24 April 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
24 April 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Update on group structure
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, is pleased to
announce that it has completed an internal reorganisation of its
subsidiaries, which is intended to streamline the management of the
Group and allow the Group to take advantage of modest tax
advantages.
As part of the internal reorganisation, GJSC Petrosakh, the
Group's operating company on Sakhalin Island and principal profit
and cash generator, has been merged with Urals Energy LLC, the
Russia-incorporated management company for all of the Group's
operations, which is essentially a cost centre.
As a result of this merger, the Board believes that the Group
will be able to offset the costs of Urals Energy LLC against the
future profits of GJSC Petrosakh's operations for tax purposes.
Previously, Russian tax rules have not allowed the Group to charge
management fees between Group companies and this has added to the
tax losses in Urals Energy LLC.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
Leonid Dyachenko, Chief 0300
Executive Officer
Sergey Uzornikov, Chief www.uralsenergy.com
Financial Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor / Alex Brearley Tel: +44 (0) 20
3328 5656
www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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