RNS Number : 1915Z
Urals Energy Public Company Limited
25 May 2016
Urals Energy PCL
(''Urals Energy'' or the ''Company'')
Pre-export short term loan finance arrangement and tanker shipment 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$6.0 million to the Company (the "Loan") ahead of its
anticipated August 2016 tanker shipment from Articneft.
The key terms of the Loan are that:
• it is repayable immediately following the loading of the next
tanker shipment of approximately 30,000 tonnes of crude oil, scheduled for August 2016 or 30 September 2016 (whichever is
earlier);
• interest is chargeable at a margin of 5% over US$ 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 of the 22,000 tonnes of
crude oil presently in storage at Articneft together with 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.
- Ends -
For further information, please contact:
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Urals Energy Public Company Limited
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Andrew Shrager, Chairman
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Tel: +7 495 795 0300
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Leonid Dyachenko, Interim Chief Executive Officer
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www.uralsenergy.com
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Allenby Capital Limited
Nominated Adviser and Broker
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Nick Naylor
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Tel: +44 (0) 20 3328 5656
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Alex Brearley
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www.allenbycapital.com
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This information is provided by RNS
The company news service from the London Stock Exchange
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