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 P C L (A I M:UEN ), the independent explora#on and produc#on company with opera#ons in Russia, is pleased to announce that it has entered into a pre-export short term loan finance arrangement with Petraco O il 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 A ugust 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 A rc#cne;
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
I n view of the fact that I ngeborg S renger was a director of Urals Energy un#l her resigna#on 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 transac#on pursuant to Rule 13 of the A I M Rules for Companies. The Company's directors, having consulted with the Company's nominated adviser, A llenby 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 Chief Executive Officer www.uralsenergy.com
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 7702 [email protected]www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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