Tanker shipment and Petraco payment (7336R)
09 Noviembre 2011 - 1:00AM
UK Regulatory
TIDMUEN
RNS Number : 7336R
Urals Energy Public Company Limited
09 November 2011
9 November 2011
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Tanker shipment and Petraco payment
Urals Energy, the independent exploration and production company
with operations in Russia, is pleased to announce that the shipment
of the tanker from Arcticneft, scheduled for late October 2011, has
been successfully completed. 28,982 tons of crude oil (227,525
bbls), representing a 11.4% increase on 25,999 tons in 2010, were
loaded and exported in October in line with the Company's
operational plans.
Following the tanker shipment, the Company has made a payment of
$8.0 million to Petraco Oil Company Limited ("Petraco") in line
with the restructured terms of the debt repayment agreement with
Petraco, details of which were announced on 3 August 2011. The
payment covered the October and November tranches and fulfilled
Company's obligations for 2011. The payment reduced total amount of
outstanding debt to $19.9 million. The Board remains confident of
meeting the repayment schedule as agreed, as well as continuing the
Company's close relationship with Petraco. Remaining net proceeds
from the sale in the amount of $5.1 million will be used for
development of Company's assets and financing of working
capital.
Commenting on this update CEO Alexei Maximov said: 'The Board
continues to see operational progress with continuing production
from both Arcticneft and Petrosakh. Financially, we have made a
considerable progress by reducing outstanding debt owed to Petraco
and strengthening our balance sheet. With a supportive
macro-outlook for oil underpinning growth forecasts, the Board
maintains its focus on maximising revenues from both producing
assets, whilst exploring further M&A opportunities in the
sector. Against that backdrop we remain confident about the future
prospects of Urals Energy.'
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
Alexei Maximov
Allenby Capital Limited +44 (0)20 3328 5656
Nick Naylor
Alex Price
Pelham Bell Pottinger +44 (0)20 7861 3232
Mark Antelme
Maria Blank
This information is provided by RNS
The company news service from the London Stock Exchange
END
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