TIDMUEN

RNS Number : 5676O

Urals Energy Public Company Limited

29 May 2015

 
 Press Release   29 May 2015

Urals Energy PCL

("Urals Energy" or the "Company")

Pre-export short term loan finance arrangement and tanker shipment update

Results date update

The Board of Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has entered into a pre-export short term loan finance arrangement with Petraco Oil Company Limited ("Petraco") under which Petraco will advance the sum of US$6.0 million to the Company (the "Loan") ahead of its anticipated August 2015 tanker shipment from Arcticneft.

The key terms of the Loan are that:

-- it is repayable immediately following the loading of the next tanker shipment, scheduled for August 2015 or 30 September 2015 (whichever is earlier);

-- interest is chargeable at the rate of 5% over LIBOR until the date of the bill of lading of the tanker at which point it reduces to 2% over LIBOR; and

-- it is secured by way of a pledge by Urals of the 17,000 tones of crude oil presently in storage at Arcticneft together with the shares that Urals holds in CJSC Arcticneft.

The proceeds of the Loan will be used by the Company to progress its 2015 drilling plan and for general working capital.

Related party transaction

In view of the fact that Ingeborg Srenger was a director of Urals Energy until her resignation on 16 December 2014 and remains a director of Petraco together with the control she exercises over Petraco, the Loan is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Results date update

The Company will announce its preliminary results for the year ended 31 December 2014 in early June 2015.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief 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          Tel: +44 (0) 20 
  Allan                                        7398 7702 
 uralsenergy@abchurch-group.com   www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPKFDNABKDDPB

Grafico Azioni Urals Energy (LSE:UEN)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Urals Energy
Grafico Azioni Urals Energy (LSE:UEN)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Urals Energy