Notification of Major Interest in Shares

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Notification of Major Interest in Shares

Urals Energy, the Russian focused oil & gas exploration and production company, announces that on 2 April 2012 it received notification from VTB Capital PLC ("VTB") that on 29 March 2012 VTB acquired 13,000,000 ordinary shares in the Company (equivalent to 5.15% of the ordinary shares and voting rights in the Company). In addition, on the same day Urals Energy received notification that on 30 March 2012 VTB disposed of 13,000,000 ordinary shares in the Company taking VTB's interest to below reportable thresholds. The Company understands from VTB that the ordinary shares were held overnight by VTB as part of a brokerage transaction.

In addition, on 3 April 2012 the Company received notification that on 30 March 2012 Alpcot Capital Management Ltd acquired 13,385,000 ordinary shares in the Company bringing their total holding in Urals to 44,256,742 ordinary shares (equivalent to 17.53% of the shares and voting rights in the Company).

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