TIDMUEN
RNS Number : 1558U
Urals Energy Public Company Limited
21 December 2012
Press Release 21 December 2012
Urals Energy PCL
("Urals Energy" or the "Company")
Board Changes
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce the following changes to its Board with immediate
effect.
Leonid Dyachenko, who has successfully led Urals Energy as its
Executive Chairman since 2009 and has held a number of positions
since the Company listed in 2005, stands down as Executive Chairman
and remains as an executive director of the Company. Andrew
Shrager, who held the position of Chairman with Urals Energy NV
prior to the Company's IPO in 2005, returns to take up the position
of Non-Executive Chairman. Stephen Buscher, who held the position
of CFO at Urals Energy between 2005 and 2007, also returns to the
Board as a non-executive director. Finally, Torbjörn Ranta, also
joins the Board as a non-executive director.
As a result, the Company now has a board of three executive
directors and four non-executive directors.
Commenting on the appointments, Alexei Maximov, Chief Executive
Officer of Urals Energy, said: "We are delighted to welcome Andrew,
Stephen and Torbjörn to the Board and we look forward to their
collective input and counsel. It is particularly pleasing that
Andrew and Stephen are returning to the Urals Energy Board as both
know this Company well and their appointments clearly demonstrate
that the legacy situation that the Company endured are nearly
resolved.
"The Board would also like to extend its welcome to Torbjörn,
who brings to the Company his significant sector experience which
will serve as a catalyst in assisting us search for new
assets."
Andrew Shrager is a private investor with a wealth of experience
in investment banking. Some of his main roles include: senior
adviser at Renaissance Capital (emerging markets); senior advisor
to Merrill Lynch (Energy & Power group throughout Russia and
Central Europe); especially the British Petroleum TNK acquisition;
director of corporate finance at Lazard Brothers, where he advised
both the Central Electricity Generating Board on its privatisation
and National Power on its IPO. Between 2001 and 2012 Andrew was a
director of Utilyx, one of the UK's leading specialists in energy
and carbon, and between 2007 and 2010, he was a director of
GeoDynamics Research. Since 2012, Andrew has held the position of
CEO at GeoDynamics Worldwide, an international oil service and
investment company.
Stephen Buscher has extensive financial experience, particularly
in Russia, where he has lived and worked in the financial sector
and subsequently the oil business for over twnety years. He acted
as the Co-head of the Moscow office for Lazard Freres and Merrill
Lynch, where he was overall relationship manager for CIS oil
businesses. Stephen also founded and co-managed Eurasia Capital
Partners, a private M&A advisory boutique with offices in
Moscow and London before entering the oil and gas business. He
graduated from Connecticut College in 1983. He also received a
diploma from the London School of Economics in 1987 and a Masters
in Business Administration from Yale University in 1991.
Stephen Buscher held the position of Chief Financial Officer
when Urals Energy successfully listed on AIM in 2005, a position he
held until August 2007. He then took up the Chief Financial Officer
role at Terralliance Technologies in 2007, an oil and gas
exploration company privately owned by Goldman Sachs and Kleiner
Perkins. Stephen has recently been with the investment company
Sistema as Executive Vice President investment strategy, and
secondly as the Chief Executive Officer of Navitas Global
Resources, the foreign project and exploration division and
wholly-owned subsidiary of RussNeft.
Torbjörn Ranta has been actively involved in various Russian
business projects since the mid 1990s and is a fluent Russian
speaker. He has during this period been the CEO of a number of
publicly listed natural resources companies such as Vostok Nafta
Investment Ltd, Vostok Oil Ltd, Central Asia Gold AB and Malka Oil
AB. He also represented North Atlantic Natural Resources AB between
1998 to 2001 as a Board Member of the Swedish exploration and
mining company, the Lundin Group. He graduated from Stockholm
School of Economics with a degree in Business Administration and
Economics. He also worked for a year in 1982 at the Swedish Embassy
in Moscow as a member of the consular section. Since 2009, Mr.
Ranta has acted as Senior Consultant to several clients via his own
company T. Ranta Företagsjuridik AB (TRFJAB) and in June 2012
accepted the contract position of Chief Operation Officer with
Australian junior oil company Sprint Energy. He has also worked
with Alpcot Capital Management Limited, which is the largest
shareholder in Urals Energy.
The Company announces that it intends to convene its Annual
General Meeting in February 2013. The Notice of AGM will be sent to
shareholders in January 2013.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Alexei Maximov, Chief Executive Tel: +7 495 795
Officer 0300
Sergey Uzornikov, Chief www.uralsenergy.com
Financial 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 Tel: +44 (0) 20
7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
In accordance with Schedule 2(g) of the AIM Rules the following
information in relation to the appointment of Mr. Andrew Henry
Shrager, aged 67, to the Board of Urals Energy is disclosed:
Current Directorships and Partnerships:
- GeoDynamics WorldWide S.r.l.
- Falcon Petroleum Limited
- Falcon Oil Investments Limited
- Seismic Data Integration S.r.l.
- Bluepod Media Limited
- BPM Worldwide Limited
- Hillsilk Limited
- Scot Oil & Gas Limited
- Micho 337 Limited
- Venture Exploration Limited
Directorships and Partnerships held in the last five years:
- Utilyx Limited
- GeoDynamics Research S.r.l.
Andrew Shrager was a director of Octagon Energy Limited at the
time it was placed into Administrative Receivership on 26 August
2003 following the sale of a secured loan and default by Enron
Corporation. The Octagon assets were sold by the Receiver at the
same time as Receivers were appointed in a "Pre-Pack" for
approximately GBP1 million. At the time of the receivership Octagon
Energy Limited purportedly owed approximately GBP4 million on the
secured loan which debt was disputed because of the defaults by
Enron Corporate and counterclaims against Enron Corporation.
Subsequently the major shareholder and creditor of Octagon sued the
Administrative Receivers in the High Court for failing in their
duties to the Company and selling the assets at a gross undervalue.
An independent report on Octagon's assets valued them at over
GBP106 million. The Administrative Receivers admitted liability and
settled out of Court for the full amount owed to the creditor and
agreed to pay costs.
In 2010 GeoDynamics Research S.r.l entered into a court approved
agreement with it's creditors to pay off it's obligations of
EUR3,160,000 within a period of 4 years. Andrew Shrager was a
director (and CEO) of GeoDynamics Research S.r.l. at the time of
the court approved engagement and resigned from GeoDynamics
Research S.r.l. on 1 January 2011.
Save for the information disclosed above there is no other
information falling to be disclosed on Mr Shrager under Schedule
2(g) of the AIM Rules.
In accordance with Schedule 2(g) of the AIM Rules the following
information in relation to the appointment of Mr. Stephen Myers
Buscher, aged 51, to the Board of Urals Energy is disclosed:
Current Directorships and Partnerships:
- None
Directorships and Partnerships held in the last five years:
- Navitas Global Resources Limited
- Kura Valley Petroleum Company Limited
Save for the information disclosed above there is no other
information falling to be disclosed on Mr Buscher under Schedule
2(g) of the AIM Rules.
In accordance with Schedule 2(g) of the AIM Rules the following
information in relation to the appointment of Mr. Torbjörn Ranta,
aged 50, to the Board of Urals Energy is disclosed:
Current Directorships and Partnerships:
- Torvald Ranta Foretagsjuridik AB
- Mitra International AB
Directorships and Partnerships held in the last five years:
- Tomsk Refining AB
- Malka Oil AB
- Central Asia Gold AB
- Karelia Timber AB (now known as Karelia Timber Intressenter AB)
- Alpcot Agro AB
- BBAH Incentive AB
- BBAH Sweden AB
- Miragro AB
- Koplylovskoye AB
- D. Steinbock Advisory Group
- Odyx AB
- Black Sea Properties AB
-
Save for the information disclosed above there is no other
information falling to be disclosed on Mr Ranta under Schedule 2(g)
of the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAEAFAFASAAFFF
Urals Energy (LSE:UEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Urals Energy (LSE:UEN)
Historical Stock Chart
From Jul 2023 to Jul 2024
