Urals Energy Public Company Limited Operational update (1562Q)
07 Settembre 2017 - 5:16PM
UK Regulatory
TIDMUEN
RNS Number : 1562Q
Urals Energy Public Company Limited
07 September 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
7 September 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Operational update
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, is pleased to
provide the following operational update:
Pre-export short term loan finance arrangement
On 7 September 2017, the Company 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$3.0
million to the Company (the "Loan") ahead of the anticipated
October 2017 tanker shipment from Kolguev Island.
The key terms of the Loan are that:
-- it is repayable immediately following the loading of a tanker
shipment of approximately 25,000 tonnes of crude oil, which is
currently scheduled for October/November 2017;
-- interest is chargeable at a margin of 5% over US$ LIBOR up to
the date of the bill of lading of the tanker, after which it
reduces to 2% over US$ LIBOR; and
-- it is secured by way of a pledge by Urals Energy over the
shares that Urals Energy holds in JSC Articneft.
The proceeds of the Loan will be used by the Company for general
working capital financing.
Annual General Meeting
The Company plans to hold its Annual General Meeting at the
registered office of the Company at Menandrou 3, Glafkos Tower, 5th
Floor, Office 501, 1066 Nicosia, Cyprus on Thursday, 9 November
2017. Further announcements and documentation will be provided in
due course.
- 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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