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Loan from Petraco Oil Company / Notice of results

Released 07:00 06-Jun-2014

RNS Number : 9956I
Urals Energy Public Company Limited
06 June 2014
 


Press Release

6 June 2014

 

Urals Energy PCL

 

(''Urals Energy'' or the ''Company'')

 

Loan from Petraco Oil Company Limited ("Petraco")

Notice of results

 

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that it has entered into a secured short-term loan agreement with Petraco under which Petraco will advance the sum up to US$7.6 million to the Company (the "Loan").

 

The key terms of the Loan are that:

·     it is repayable immediately following the loading of the next tanker shipment, scheduled for mid-October 2014 or 30 November 2014 (whichever is earlier);

·     interest is chargeable at the rate of 5% over LIBOR until the date of the bill of lading of the tanker at which point it reduces to 2% over LIBOR; and

·     it is included in Petraco's existing security over CJSC Arcticneft, further details of which appear in the Company's announcement dated 12 April 2010.

 

The proceeds of the Loan will be used by the Company to both progress its 2014 drilling plan and working capital financing.

 

Notice of results

Urals will announce its final results for the year ended 31 December 2013 on 27 June 2014.

 

Related party transaction

In view of the fact that Ingeborg Srenger is a director of both Urals and Petraco and the control she exercises over Petraco, the Loan is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors (with the exception of Ingeborg Srenger), having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

 

- Ends -

 

For further information, please contact:

Urals Energy Public Company Limited


Alexei Maximov, Chief Executive Officer

Tel: +7 495 795 0300

Sergey Uzornikov, Chief Financial Officer

www.uralsenergy.com

 

Allenby Capital Limited

Nominated Adviser and Broker


Nick Naylor

Tel: +44 (0) 20 3328 5656

Alex Price

www.allenbycapital.com

 

Media enquiries:

Abchurch


Henry Harrison-Topham / Quincy Allan

Tel: +44 (0) 20 7398 7710

quincy.allan@abchurch-group.com

www.abchurch-group.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Loan from Petraco Oil Company / Notice of results - RNS