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Urals Energy Public Company Limited Litigation Update

Source: www.gulfoilandgas.com 10/15/2014, Location: Asia

Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce an update on the various litigation matters it is currently involved in.

KNGF

On 9 October 2014 the Russian court issued a decision in favour of Urals Energy in its case against Komineftegeofizika (“KNGF”) in relation to the debt it owes to Urals Energy. The Russian court has awarded Urals Energy the sum of 32 million Roubles, together with 8% interest until full payment has been received by Urals Energy. At the same time, the court also dismissed KNGF’s counter-claim that Urals Energy’s claim was itself invalid. KNGF has the option to appeal the Russian court’s ruling. This debt relates to amounts owed to Urals Energy by KNGF since 2003 and who were on an agreed repayment schedule. Following a KNGF shareholder dispute KNGF ceased making payments to Urals Energy, thus forcing the Company to seek repayment through the Russian court.

Alleged Debt Repayment Agreement

On 20 February 2014 action No. 794/2014 was filed at the District Court of Limassol, on behalf of the Company, against: i) UEN Cyprus Limited; ii) Maria Zavou; iii) Antri Neophitou; and iv) Chelco Management Services Limited, seeking disclosure of documents as well as challenging the validity of and/or authenticity of an alleged debt repayment agreement, dated 15 December 2010 (the “ADRA”). The ADRA, details of which have been previously announced, is a claim against the Company by UEN Cyprus Limited for US$41,652,000.

The Company has now prepared and will soon be submitting the Statement of Claim in Cyprus setting out the factual and legal basis for the Company’s challenge to the validity of the ADRA in order to expedite the procedures leading to the main hearing before the District Court of Limassol which will consider the case.

London Court of International Arbitration award

An application for Recognition of Arbitration Award No. 2657 has been filed by the Company for the recognition and enforcement of the Arbitration Award issued by the London Court of International Arbitration in favour of the Company against Mr. Viatcheslav Rovneiko (the “Respondent”). Details of the Arbitration Award have previously been announced by the Company. The London Court of International Arbitration’s Award was for US$6,790,627 plus interest (amounting to US$2,526.86 per day). Pursuant to this application for Recognition, the Limassol Court has issued certain freezing orders against the Respondent preventing him for alienating any of his assets in Cyprus, which were at the time known to the Company. The companies affected (“Respondent-companies”) have filed their oppositions to the issue of the said application for Recognition.

On 5 May 2014 the Respondent-companies have filed an application for leave of the Court to file a supplementary affidavit in support of their opposition which was opposed by the Company. The hearing of this application took place on the 27 June 2014 and the Court has reserved its judgement on a later date.

Conclusion

The continuation of these legal cases is expected to continue for 2014 and most of 2015 and will require the Company to continue to devote considerable time and resources. The Company believes, however, that it shall prevail in all three legal cases and confirms what it has stated before - that the ADRA is a forgery, which the Company does not recognise and is committed to see its full vindication against Mr. Rovneiko and UEN Cyprus Limited. For more information about related Opportunities and Key Players visit Caspian Region Projects

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