24th Jul 2009 07:00
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Update on Sberbank negotiations and Annual accounts
Sberbank Negotiations
Further to the update of 30 June 2009, Urals Energy today announces the divestiture of Urals' ownership interests in Dulisma and Taas Yuriakh to Sberbank is progressing. Major terms of the divestiture have been agreed with Sberbank and completion is now subject to regulatory clearances and certain third party actions.
The Company has agreed with Limentis Holdings Limited ("Limentis"), a subsidiary of certain investment funds managed by Ashmore Investment Management Limited, that Limentis will not exercise its Put Option before the Sberbank loan restructuring is complete; and will, on completion of the Sberbank loan restructuring, agree and execute documentation with Urals Energy with a view to terminating the Put Option.
Financing, NOMAD and Annual Report
Separately from the aforementioned divestiture transaction, Urals Energy continues to evaluate a number of funding options to alleviate current liquidity constraints. The Company is working towards the publication of Annual Accounts which will be announced following the completion of the Sberbank Transaction and securing of the funding mentioned above. Also the Company will work toward the appointment of a new Nominated Adviser when the Annual Accounts are issued.
Further announcements will be made in due course.
24 July, 2009
Enquiries:
Pelham +44(0)20 7337 1500
Mark Antelme
Evgeniy Chuikov
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Urals Energy Plc