Urals Energy Public Company Limited Loan from Petraco Oil Company Limited (7617G)

TIDMUEN

RNS Number : 7617G

Urals Energy Public Company Limited

12 June 2013

 
 Press Release   12 June 2013

Urals Energy PCL

("Urals Energy" or the "Company")

Loan from Petraco Oil Company Limited ("Petraco")

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that it has entered into a short-term loan agreement with Petraco under which Petraco will advance the sum up toUS$7.0 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 Autumn 2013 or 30 November 2013 (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 2013 drilling plan and working capital financing.

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       Tel: +7 495 795 0300 
  Officer 
 Sergey Uzornikov, Chief Financial      www.uralsenergy.com 
  Officer 
 
 
 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

END

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