RNS Number:4086M
Urals Energy Public Company Limited
24 January 2008

                      URALS ENERGY PUBLIC COMPANY LIMITED

                       ("URALS ENERGY" OR THE "COMPANY")

                           COMPLETION OF ACQUISITION

Urals Energy (LSE: UEN), a leading independent exploration and production
company with operations in Russia, announces that it has completed the planned
acquisition from Finfund Limited of a further 3% interest in OOO Taas-Yuriakh
Neftegazodobycha ("Taas"), the principal terms for which were referred to in the
Company's announcement on 28 November 2007 (the "Acquisition Announcement").

In accordance with the Acquisition Announcement, the price paid for the 3%
interest comprised US$50 million in cash.

The Company now has a total interest of 35.3% in Taas and, as referred to in the
Acquisition Announcement, retains an option to acquire a further 4.2% interest
in Taas in January 2009.

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

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