Urals Energy Public Company Limited Loan from Petraco Oil Company / Notice of results (9956I)
06 Juin 2014 - 8:00AM
UK Regulatory
TIDMUEN
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 Tel: +7 495 795
Officer 0300
Sergey Uzornikov, Chief www.uralsenergy.com
Financial 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 / Tel: +44 (0) 20
Quincy Allan 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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