UEN Urals EN.

TIDMUEN

RNS Number : 1915Z

Urals Energy Public Company Limited

25 May 2016

 
   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.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: +7 495 795 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief Executive Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                            Tel: +44 (0) 20 
                                              3328 5656 
 Alex Brearley                   www.allenbycapital.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 25, 2016 02:00 ET (06:00 GMT)

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