Urals Energy Public Company Limited Completion of tanker loading (4114V)
28 Ottobre 2014 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 4114V
Urals Energy Public Company Limited
28 October 2014
Press Release 28 October 2014
Urals Energy PCL
("Urals Energy" or the "Company")
Completion of tanker loading
Update on Petraco loan
Urals Energy PCL (AIM:UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce that the planned annual tanker shipment for export from
Arcticneft on Kolguyev Island has been completed successfully. The
tanker left Kolguyev Island on 23 October 2014 with 26,093 tons of
crude (an equivalent of 207,940 barrels).
The sharp fall in Brent oil prices in October 2014 and the
continuing depreciation of the Russian Rouble have resulted in
lower netback for export sales of oil from Russia. The average
Brent price in the second half of October 2014 (the period of
Arcticneft shipment) reached its lowest level for the year at US$86
per bbl (second half of October 2013: US$107 per bbl.).
Whilst marketing and transportation expenses were in line with
last year, the Company's export netback has also been affected by
export duty being set by reference to oil prices in September
2014.
The combined effect of these factors has been an approximate 30%
decrease in the netback received by the Company on its export
sales.
Petrosakh is only selling in the domestic oil market for which
netback prices for oil products have been stable during the first
nine months of the current year. The Company expects a seasonal
increase of the product prices in the Sakhalin market for the
remainder of the year. The Board believes that this will secure the
Company's operating cash flows at a level sufficient to maintain
operating and investment activity in 2014.
As announced on 6 June 2014, the Company entered into a secured
short-term loan agreement with Petraco Oil Company Limited
("Petraco"). The re-payment date for the US$3.9 million received
from Petraco under this agreement, as well as for prepayment
received from Petraco for export duty settlement in the amount of
US$9.8 million, is linked to the shipment of this tanker. This
indebtedness is anticipated to be settled before the end of 2014 at
which point Petraco's collateral over Arcticneft will be released
and the Company will be entirely debt free.
- 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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