TIDMUEN

RNS Number : 3479L

Urals Energy Public Company Limited

03 July 2014

 
 Press Release   3 July 2014

Urals Energy PCL

("Urals Energy" or the "Company")

Contract with Petraco Oil Company Limited

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces details of a contract it entered into with Petraco Oil company Limited ("Petraco") on 7 August 2012 in relation to the sale of all of the oil produced by the Company at its Arcticneft property (the "Contract").

The Contract replaced an original contract with Petraco which was entered into on 1 September 2006 and is on broadly comparable terms with that original contract.

The Contract is a master sales contract which governs the overriding terms of the sales and purchase relationship between the Company and Petraco. The Contract includes a formula for calculating the sale price of the oil which is based on Brent Crude oil price plus a premium to reflect the increased quality of the oil from Arcticneft. The exact commercial terms of each tanker shipment are determined yearly by way an addendum to the Contract which details specific quantities, delivery details and the final sales price.

Related party transaction

In view of the fact that Ingeborg Srenger is, and was at the time the Contract was entered into, a director of both Urals and Petraco and the control she exercises over Petraco, the Contract is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors (with the exception of Ingeborg Srenger), having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the Contract are fair and reasonable insofar as the Company's shareholders are concerned.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Alexei Maximov, Chief Executive       Tel: +7 495 795 0300 
  Officer 
 Sergey Uzornikov, Chief Financial      www.uralsenergy.com 
  Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                       Tel: +44 (0) 20 3328 
                                                   5656 
 Alex Price                      www.allenbycapital.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7710 
 quincy.allan@abchurch-group.com        www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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