Urals Energy Public Company Limited Contract with Petraco Oil Company Limited (3479L)
03 Luglio 2014 - 11:30AM
UK Regulatory
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
CNTMMGGNLFVGDZG
Grafico Azioni Urals Energy (LSE:UEN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Urals Energy (LSE:UEN)
Storico
Da Lug 2023 a Lug 2024