Urals Energy: Leonid Dyachenko Confirmed as CEO, Alexei Ogarev Steps Down From the Board

The board of Urals Energy PCL, the independent exploration and production company with operations in Russia, announces that Mr Alexei Ogarev yesterday notified the Board of Urals Energy (the “Board”) of his decision to resign from the Board with immediate effect.

Mr Ogarev has informed the Board that his decision is due to the fact that he wishes to concentrate on his personal projects. The Board would like to thank Mr Ogarev for his contribution as an executive director of Urals Energy.

The Board has confirmed Mr Leonid Dyachenko as the Company’s Chief Executive Officer, a position that he previously held on an interim basis. The Board is considering the appointment of a non-executive director with experience of Government relations. Further announcements will be made as appropriate.

Andrew Shrager, Chairman, commented: Mr Ogarev has been a long-standing member of the Board and has been responsible for Government relations, a function that is vital to our operations. We will consider appointing a non-executive director with similar experience in the New Year. We welcome the confirmation of Mr Dyachenko as Chief Executive Officer. Mr Dyachenko has led the Company through the expansion of its portfolio via our successes in auctions for licences and acquisitions, and is committed to completing our development plans for each of our three principal areas, Articneft, Petrosak and Komi.”