United Energy Group plc
United Energy Group plc: The First Measures of the New Board of Directors
United Energy Group Plc. / Miscellaneous/Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- London, UK - 07 October 2008 On August 26th, 2008 United Energy Group plc ('UEG') had announced the appointment of the gentlemen Ralf Volgmann and Dr. Mark Ebbinghaus. The new members of the board had immediately given attention to two important topics: Preparation of the annual accounts and audit Since the appointment of the new board members the English annual accounts for the year ended 30.06.2007 had been prepared and will be forwarded to the appointed auditor shortly Analysis of the operative business in the USA The previous research of the new board members does not confirm the oil production announced in the former press releases. A first analysis revealed that smaller production wells could not steadily maintain the initial production volume of approx. 30 barrels per day. Moreover, workings on a well with the high initial production had to be stopped due to a technical accident. The resumption of drilling work will be decided after a thorough cost analysis. Furthermore, hurricane damages have to be determined. The leases Damon Mound and Katie Sanders were seriously affected by hurricane 'Ike'. After a thorough analysis and a detailed assessment of potential risk factors all necessary measures will be taken to ensure the economic success of the company, which might result in structural and personnel consequences. About UEG: UEG is an independent, exchange listed energy production and service company. The core areas of business are Energy Production, Energy Consulting and Energy Investments. The basic principles of UEG are geared to the targeted continuous value enhancement of the company by integrating all relevant groups of interest, supported by an active and transparent communication. For its partners UEG will remain to be a reliable supplier of high-quality services at competitive prices. In selected markets UEG wants to build up a strong position and keep it in the long term. This quality standard is made possible by dedicated employees and partners. The strategy for the next months and years is based on a dynamic growth policy. Forward-Looking Statement: This news release may contain certain forward-looking statements, including declarations regarding United Energy Group and its subsidiaries' expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to UEG management as of the date hereof, and actual results may vary based upon future events, both within and without the control of UEG management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditure requirements, competition, governmental regulations and other factors. United Energy Group plc 45 Doughty Street London WC1N 2LR United Kingdom Registered in England and Wales Registered number 05792859 Web: www.unitedenergy.com E-Mail: info@unitedenergy.com 07.10.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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