Urals Energy Public Company Limited Operational update (1562Q)

TIDMUEN

RNS Number : 1562Q

Urals Energy Public Company Limited

07 September 2017

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

7 September 2017

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

Operational update

The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to provide the following operational update:

Pre-export short term loan finance arrangement

On 7 September 2017, the Company 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 October 2017 tanker shipment from Kolguev Island.

The key terms of the Loan are that:

-- it is repayable immediately following the loading of a tanker shipment of approximately 25,000 tonnes of crude oil, which is currently scheduled for October/November 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.

Annual General Meeting

The Company plans to hold its Annual General Meeting at the registered office of the Company at Menandrou 3, Glafkos Tower, 5th Floor, Office 501, 1066 Nicosia, Cyprus on Thursday, 9 November 2017. Further announcements and documentation will be provided in due course.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: [phone] 
  Leonid Dyachenko, Chief                     0300 
  Executive Officer 
 Sergey Uzornikov, Chief       www.uralsenergy.com 
  Financial Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor / Alex Brearley            Tel: +44 (0) 20 
                                              3328 5656 
                                 www.allenbycapital.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 07, 2017 11:16 ET (15:16 GMT)