The board of Urals Energy announced the resignation of Alexei Maximov as the company's Chief Executive Officer, with effect from October 31, 2014. Alexei Maximov will also stand down as a Director of the Company with effect from the same date. Leonid Dyachenko and Aleksey Ogarev have also indicated to the board that they intend to stand down as Directors of Urals Energy once appropriate replacements have been identified and appointed.

Ingeborg Srenger (non-executive Director), Stephen Buscher (non-executive Director) and Andrew Shrager (Chairman) will remain in place on the board. It is proposed the Sergey Uzornikov will be appointed as interim Chief Executive Officer and a further announcement will be made at the appropriate time.