The Board of Urals Energy declares the resignation of Alexei Maximov as the Company's Chief Executive Officer, with effect from 31 October 2014. Alexei Maximov will also stand down as a Director of the Company with effect from the same date. The Board will commence the search for a new Chief Executive Officer shortly and further announcements will be made at the appropriate time.
The Board would like to thank Mr. Maximov for his years of service to the Company and would like to place on record their thanks to him for his contribution.
Leonid Dyachenko and Aleksey Ogarev have also indicated to the Board today that they intend to stand down as Directors of Urals Energy once appropriate replacements have been identified and appointed.