Pre-export short term loan finance arrangement

24 May 2018

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

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 has advanced the sum of US$5.0 million to the Company (the "Loan") ahead of the anticipated July 2018 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 20,000 tonnes of crude oil, scheduled for July 2018;
  • interest is chargeable at a margin of 5% over the two month US$ LIBOR rate up to the date of the bill of lading of the tanker, after which it reduces to 2% over the same US$ LIBOR rate; 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, 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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