Urals Energy Public Company Limited Pre-export short term loan finance arrangement (1915Z)
25 Mai 2016 - 8:00AM
UK Regulatory
TIDMUEN
RNS Number : 1915Z
Urals Energy Public Company Limited
25 May 2016
25 May 2016
Urals Energy PCL
("Urals Energy" or the "Company")
Pre-export short term loan finance arrangement and tanker
shipment update
The Board of Urals Energy PCL (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 will advance the sum of US$6.0
million to the Company (the "Loan") ahead of its anticipated August
2016 tanker shipment from Articneft.
The key terms of the Loan are that:
-- it is repayable immediately following the loading of the next
tanker shipment of approximately 30,000 tonnes of crude oil,
scheduled for August 2016 or 30 September 2016 (whichever is
earlier);
-- interest is chargeable at a margin of 5% over US$ 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 of the 22,000
tonnes of crude oil presently in storage at Articneft together with
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: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Brearley www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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