Urals Energy Public Company Limited New credit facility with KKAPB (3590Y)

TIDMUEN

RNS Number : 3590Y

Urals Energy Public Company Limited

02 March 2017

 
                             Dissemination of a Regulatory Announcement 
                              that contains inside information according 
                              to REGULATION (EU) No 596/2014 (MAR).

2 March 2017

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

New credit facility with KKAPB

The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that its subsidiary undertaking, JSC Arcticneft ("Arcticneft"), has entered into a new short-term non-revolving credit facility (the "Loan") with Kamchatcomagroprombank ("KKAPB"). Under the Loan KKAPB will provide a total of 30 million Russian Roubles (representing approximately US$0.52 million at prevailing exchange rates) to Arcticneft, via several tranches.

The principal terms of the Loan are as follows:

Principal: Russian Roubles 30 million (approximately US$515,000)

Term: 31 August 2017

Interest chargeable: 15% on an annualised basis

Security: part of the crude oil produced by Arcticneft

The proceeds of this new Loan will be used by the Company for the general working capital financing of Arcticneft. The first export shipment from Arcticneft is expected in June 2017 and the Company intends to seek additional pre export financing in the coming months.

- Ends -

For further information, please contact:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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