Completion of tanker loading

21 June 2017

Urals Energy PCL ("Urals Energy" or the "Company")
Completion of tanker loading

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to make the following announcements:

Tanker loading

The planned first annual tanker shipment for export from Arcticneft on Kolguyev Island has been successfully completed. The tanker has left Kolguyev Island with 30,439 tons of crude oil (an equivalent of 240,232 barrels).

As announced on 30 March 2017, the Company is planning to make the second shipment this year in late October. The estimated volume to be shipped based on the current volume of crude left in stock and expected level of production is around 25,500 tons (an equivalent of 201,450 barrels).

Export finance

As announced on 26 April 2017, the Company entered into a secured short-term loan agreement with Petraco Oil Company Limited ("Petraco"). The re-payment date for the US$3.0 million received from Petraco under this agreement is linked to the shipment of the tanker as described above. This indebtedness is anticipated to be settled in the coming few weeks.

 

Enquiries:

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

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

 

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