Urals Energy Public Company Limited Arbitration update and tanker loading (4947Q)
07 Novembre 2012 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 4947Q
Urals Energy Public Company Limited
07 November 2012
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
7 November, 2012
Arbitration update and completion of tanker loading
Urals Energy is pleased to announce that following the update
provided in its results to 30 June 2012 as announced on 28
September 2012, the arbitrator in the ongoing Arbitration against
Vyatcheslav Rovneiko has issued a third Partial Final Award which
orders that Mr Rovneiko is liable to pay to Urals Energy the sum of
US$3,730,000.
The only remaining issues in the arbitration are to determine
the amount of Mr Rovneiko's liability to pay interest on the loan
and the allocation of the costs of the arbitration.
The Company intends to seek recovery of its costs now that Mr.
Rovneiko's liability for the full amount of the principal of the
loan has been finally determined by the arbitrator in favor of the
Company.
The Company would also like to report that the loading of the
tanker on Kolguyev Island from Arktikneft has been completed with
the shipment of 231,594 barrels of crude to Petraco. Photographs
from the recent loading of the tanker will be available on the
company's web-site.
The daily production at Arktikneft has remained stable at 700
bopd, while at Petrosakh it has increased by 45 bopd and reached a
level of 1440 bopd.
Commenting on today's release, CEO Alexei Maximov said:
"The board is happy to be close to turning the final page on
Urals' legacy issues, including, prevailing in court over the
unfounded allegations of a former director. With an ongoing strong
operational performance, Urals is moving full steam ahead to 2013
and we remain confident of our ability to further increase
production on our existing acreage, whilst seeking new ways to
create value for our shareholders."
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
Alexei Maximov
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Sergey Uzornikov
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Allenby Capital Limited +44 (0)20 3328 5656
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Nick Naylor
Alex Price
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Pelham Bell Pottinger +44 (0)20 7861 3232
--------------------
Mark Antelme
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Maria Blank
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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