Pre-export short term loan finance arrangement

26 April 2017

Urals Energy PCL ("Urals Energy" or the "Company")
Pre-export short term loan finance arrangement

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

The Board of Urals Energy (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$3.0 million to the Company (the "Loan") ahead of the anticipated June 2017 tanker shipment from Kolguev Island.

The key terms of the Loan are that:

  • it is repayable immediately following the loading of the tanker shipment of approximately 30,000 tonnes of crude oil, scheduled for June 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.

 

For further information, please contact:

Urals Energy Public Company Limited
Andrew Shrager, Chairman
Leonid Dyachenko, Interim Chief Executive Officer
Sergey Uzornikov, Chief Financial 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

 

<< back to latest news

Share Price [UEN]

share price at 05:08
on 24/05/2017