5th Dec 2008 12:00
Urals Energy Public Company Limited
(the "Company")
Update on status of discussions
The Board of Urals Energy today provides an update on the status of its discussions with Sberbank and other parties.
The Company remains fully engaged with Sberbank in a constructive dialogue regarding its loan facilities. While it remains the case that no formal extension has been granted, Sberbank has indicated that it does not currently intend to put the Company into default.
The Company continues to consider all strategic options for the efficient development of its core assets and to pursue the sale of its non-core assets and it remains in discussions with third parties regarding these options. As part of these discussions, the possibility of an offer being made for the Company has been raised. At this stage no offer has been made and there can be no certainty that an offer will be made or, if an offer is made, the level at which such offer may be made. Further announcements will be made in due course.
5 December 2008
Enquiries:
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Pelham PR |
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Evgeniy Chuikov |
+44(0)20 3008 5506 |
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Mark Antelme |
+44(0)20 3178 6242 |
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Urals Energy Plc