TIDMUEN

RNS Number : 7746Y

Urals Energy Public Company Limited

07 March 2017

7 March 2017

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

Clarification regarding financing for 2017

Further to the Company's announcement of yesterday and following enquires from a number of shareholders, the board of Urals Energy PCL (AIM: UEN), the independent exploration and production company with operations in Russia, confirms that the Company is in a position to finance its planned operations for 2017, as described in yesterday's announcement from its existing financial resources.

As stated in yesterday's announcement, the Company continues to prepare development plans for approval by the Russian Federal Authorities for its operations on Kolguyev Island, its two companies in Komi (being BVN Oil and RK-Oil) and for the South Dagi licence area on Sakhalin Island. These long term development plans, once approved, will involve a considerable step up in the Company's drilling programme and the Board continues to investigate potential partnerships to finance and share risk in the execution of these new development plans.

Further announcements in respect of the above matters will be made in due course.

- 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 
  Financial Officer 
                               www.uralsenergy.com 
 
 
 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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