RNS Number:9543K
Urals Energy Public Company Limited
02 January 2008

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
                 AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES


                      Urals Energy Public Company Limited

                        Over-Allotment Option Exercised


Urals Energy Public Company Limited (the "Company") today announces that the
over-allotment option granted by the Company in connection with its private
placement of 32,857,000 new ordinary shares (the "Placement Shares") on 5
December 2007 has been exercised in full by Morgan Stanley Securities Limited ("
Morgan Stanley"), the Company's stabilising manager.



The over-allotment option comprises 1,643,000 ordinary shares (the "
Over-Allotment Shares") - equivalent to 5% of the Placement Shares. As a result
of the exercise the Company will, subject to admission of the Over-Allotment
Shares, have a total of 176,763,478 ordinary shares in issue. The total gross
proceeds of the private placement will now be approximately GBP 65.6 million
(US$ 132.0 million).



Morgan Stanley acted as lead manager in connection with the private placement.



Application for admission of the Over-Allotment Shares has been made and it is
expected that admission will become effective and that dealings in the
Over-Allotment Shares will commence on 8 January 2008.



                                                                  2 January 2008



Enquiries:
Pelham PR
Gavin Davis                              +44(0)20 7743 6677 / +44(0)7910 104 660
Evgeniy Chuikov                          +44(0)20 3008 5506 / +44(0)7894 608 606





This announcement does not constitute an offer to sell or issue, or the
solicitation of an offer to buy or subscribe for, Placement Shares or
Over-Allotment Shares in any jurisdiction including, without limitation, the
United Kingdom, the United States, Australia, Canada or Japan. This announcement
and the information contained herein is not for publication or distribution,
directly or indirectly, to persons in the United States, Australia, Canada,
Japan or in any jurisdiction in which such publication or distribution is
unlawful.



Neither the Placement Shares nor the Over-Allotment Shares referred to in this
announcement have been nor will be registered under the US Securities Act of
1933, as amended (the "Securities Act") or with any securities regulatory
authority of any State or other jurisdiction of the United States, and may not
be offered, sold or transferred except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.
  The Placement Shares and Over-Allotment Shares are being offered and sold
outside the United States in accordance with Regulation S under the Securities
Act.



The distribution of this announcement and the Placing and/or issue of the
Placement Shares or Over-Allotment Shares in certain jurisdictions may be
restricted by law. No action has been taken by the Company, Morgan Stanley, or
any of their respective affiliates that would permit an offer of the Placement
Shares or Over-Allotment Shares or possession or distribution of this
announcement or any other offering or publicity material relating to such
Placement Shares or Over-Allotment Shares in any jurisdiction where action for
that purpose is required. Persons into whose possession this announcement comes
are required by the Company and Morgan Stanley to inform themselves about and to
observe any such restrictions.



Any indication in this announcement of the price at which ordinary shares in the
Company have been bought or sold in the past cannot be relied upon as a guide to
future performance.



Morgan Stanley is acting exclusively for the Company in connection with the
Placing and no-one else and will not be responsible to anyone other than the
Company for providing the protections afforded to their clients or for providing
advice in relation to the placement or any matter referred to in this
announcement.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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