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

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.

 

For further information, please contact:

Urals Energy Public Company Limited
Andrew Shrager, Chairman
Leonid Dyachenko, Interim Chief Executive Officer
Tel: +7 495 795 0300, www.uralsenergy.com

Allenby Capital Limited, Nominated Adviser and Broker
Nick Naylor / Alex Brearley / Liz Kirchner
Tel: +44 (0) 20 3328 5656, www.allenbycapital.com

 

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