10th Mar 2015 17:05
Press Release | 10 March 2015 |
Urals Energy PCL
(''Urals Energy'' or the ''Company'')
Litigation update
Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces an update on its litigation with KNGF.
As announced on 30 January 2015, the Company has won its case against the appeal made by KNGF in the matter of its outstanding loan to KNGF, equivalent to approximately US$500,000. Urals had expected the court in the first instance to issue the order for its collection. However, Urals Energy understands that KNGF has filed a second appeal with the cassation court and submitted a motion to stop enforcement of the debt. Further announcements will be made at the appropriate time.
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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 Price | www.allenbycapital.com |
Media enquiries:
Abchurch | |
Henry Harrison-Topham / Quincy Allan | Tel: +44 (0) 20 7398 7710 |
www.abchurch-group.com |
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