United Energy Group plc
United Energy Group plc: Greek PPC Fails to Meet the Criteria for HES Gornja Drina / Tender Commission of the Republic of Srpska Decides to Enter into Direct Talks with International Investors
United Energy Group Plc. / Key word(s): Preliminary Results 26.01.2011 / 10:49 Haslemere, United Kingdom - January 26, 2011 - Word from government circles has it that the Greek Public Power Corporation (PPC) has failed to meet the criteria for a strategic partnership during the preliminary selection procedure conducted by the Bosnian Republic of Srpska (RS) for the planned construction of four hydroelectric power plants on the upper Drina. This means that the legally required formal tender process has been concluded without result, and that the tender commission will now enter into direct contract negotiations with international investors. A Government statement to this effect is expected for early February, once the incoming Government has been formed. 'Following a lengthy and diligent review of the Greek bid it turned out that it fails to satisfy decisive qualification requirements. This documents once more just how much time and care the Government of the Republic of Srpska takes with its biggest investment project. We assume that the direct contract negotiations with well-known international investors that have now been decided upon will be completed before the end of Q1 2011,' said Dr. Rolf Haferkamp, CEO of United Energy Group. 'The important thing now is that the new government of the Republic of Srpska is confirmed in office, so that it can get on with its official business.' In the wake of the elections in October 2010, objections had been raised concerning the composition of Parliament and Government because not all of the ethnic groups were proportionately represented. According to Government circles, the ethnic groups will have agreed on a solution by the end of the month. 'We are pleased to see the professional manner shown by the Republic of Srpska. The initiation of talks with possible investors on short notice ensures that only financially potent companies that satisfy the qualification criteria will be shortlisted as bidders,' stated Dr. Haferkamp. United Energy Group plc United Energy Group plc is an independent listed energy company. Formed in 2006, the company focused initially on the area of energy production. During the past two years, UEG underwent substantial redevelopment, and operates now in the business areas of Energy Consulting, Energy Trading, and Energy Investments. The company has thereby responded to global market trends as it seeks to make a significant contribution to the energy supply sector, and to help meet the growing energy needs worldwide. Forward-Looking Statements This communication may contain certain forward-looking statements that include declarations of intent, strategies and opinions relating to the future and to the expectations of United Energy Group and its subsidiaries. Any statement contained herein is based on information available on the respective day to the management of UEG; and actual events, may vary depending on the occurrence of future events that may or may not be subject to the management's control, including risks and uncertainty factors that may cause the actual outcome to deviate considerably. Such risks and factors include, without being limited to, ramifications that acquisitions may have for the company and its capital structure, exploratory findings, market conditions, the stability of mineral oil and natural gas prices, the uncertainty factors inherent in the operative business of mineral oil and natural gas production, unexpected future investment requirements, competition, statutory provisions, and other factors. End of Corporate News --------------------------------------------------------------------- 26.01.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 110048 26.01.2011
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