Urals Energy Public Company Limited Pre-export short term loan finance arrangement (1777P)

TIDMUEN

RNS Number : 1777P

Urals Energy Public Company Limited

24 May 2018

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

24 May 2018

Urals Energy Public Company Limited

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

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.

- 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 
 

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May 24, 2018 05:22 ET (09:22 GMT)