TIDMUEN

RNS Number : 9459X

Urals Energy Public Company Limited

26 November 2014

 
   26 November 2014

Urals Energy PCL

("Urals Energy" or the "Company")

Receipt of tanker payment and discharge of Petraco loan

The Board of Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has received the payment from Petraco Oil Company Limited ("Petraco") following its recent tanker shipment (the "Tanker Payment").

Following receipt of the Tanker Payment, Urals Energy has also repaid $3.9 million plus interest representing the full amount drawn under the short-term loan from Petraco, further details of which were announced on 6 June 2014.

Andrew Shrager, Chairman, commented: "We are pleased to be able to announce receipt of the Tanker Payment and the repayment of the short-term loan from Petraco, the result of which is that Urals Energy is now debt free. We look forward to updating shareholders on progress in securing an agreement to settle litigation with Mr V Rovneiko and our operational plans for 2015 over the coming weeks."

- Ends -

For further information, please contact:

 
 Urals Energy Public Company Limited 
 Andrew Shrager, Chairman                Tel: +7 495 795 0300 
 Sergey Uzornikov, Interim Chief          www.uralsenergy.com 
  Executive 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 
 henry.ht@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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