Update of Petraco debt repayments


 

TIDMUEN 
 
RNS Number : 0648U 
Urals Energy Public Company Limited 
07 October 2010 
 

7th October 2010 
                      Urals Energy Public Company Limited 
                        ("Urals Energy" or the "Company") 
 
                       Update of Petraco debt repayments 
 
Urals Energy, the Russian focused oil & gas exploration and production company, 
announces that Petraco Oil Company Limited ("Petraco") has agreed to delay the 
first repayment due under the debt restructure agreement with Petraco, details 
of which were announced on 12 April 2010. 
 
This repayment was originally due on 30 September 2010 and Petraco have agreed 
with the Company to vary the repayment schedule so that the payment will now be 
made not later than 15 November 2010. 
 
In view of Petraco's relationship with the Company, and in particular the fact 
that Ingeborg Srenger is a director of both Urals and Petraco, this variation 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. 
 
 
 
Enquiries: 
 
+---------------------------------+--------------------------------+ 
| Urals Energy Public Company     | +7 495 795 03 00               | 
| Limited                         |                                | 
+---------------------------------+--------------------------------+ 
| Alexei Maximov                  |                                | 
+---------------------------------+--------------------------------+ 
| Grigory Kazakov                 |                                | 
+---------------------------------+--------------------------------+ 
|                                 |                                | 
| Allenby Capital Limited         | +44 (0)20 3328 5656            | 
+---------------------------------+--------------------------------+ 
| Nick Naylor                     |                                | 
| Alex Price                      |                                | 
+---------------------------------+--------------------------------+ 
|                                 |                                | 
+---------------------------------+--------------------------------+ 
| Pelham Bell Pottinger           | +44 (0)20 7861 3232            | 
+---------------------------------+--------------------------------+ 
| Mark Antelme                    |                                | 
+---------------------------------+--------------------------------+ 
| Jenny Renton                    |                                | 
+---------------------------------+--------------------------------+ 
 
                                      ENDS 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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