Completion of acquisition

5 September 2016

Urals Energy PCL

(''Urals Energy'' or the ''Company'')

Completion of acquisition

Further to the announcement made on 23 August 2016, Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to confirm that the acquisition of the entire share capital of Arctic Oil Company Limited ("ANK") from JSC ArcticMorNefteGazRazvedka ("AMNGR") has completed. The consideration for this acquisition remains as disclosed in the Company's announcement of 23 August 2016.

- Ends -

For further information, please contact:

Urals Energy Public Company Limited

Andrew Shrager, Chairman Tel: +7 495 795 0300

Leonid Dyachenko, Interim Chief Executive Officer www.uralsenergy.com

Allenby Capital Limited

Nominated Adviser and Broker

Nick Naylor Tel: +44 (0) 20 3328 5656

Alex Brearley www.allenbycapital.com