RNS Number : 6797E

Urals Energy Public Company Limited 05 November 2015

Press Release 5 November 2015

Urals Energy PCL

(''Urals Energy'' or the ''Company'')

Update on Well #109

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has spudded Well #109 as planned.

Well #109 is located on the Petrosakh license. Well #109 is expected to be completed in Q1 2016, with the expected depth of the well being approximately 1,800 metres. Further announcements regarding Well

#109's expected production rate will be made in due course.

Andrew Shrager, Chairman of Urals Energycommented:

'Following the success at Well #54 last month, we are pleased to be progressing the current drilling programme at Petrosakh as planned. Well #109 is part of a wider drilling programme aimed at optimising production from Petrosakh license, with a view to developing Petrosakh's existing reserves.'

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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 / Alex Brearley Tel: +44 (0) 20 3328 5656 www.allenbycapital.com

Media enquiries: Abchurch

Philip Denis / Quincy Allan Tel: +44 (0) 20 7398 7710

[email protected] www.abchurch-group.com

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