Urals Energy Public Company Limited Release of charge over Petrosakh (6322J)
09 August 2012 - 4:00PM
UK Regulatory
TIDMUEN
RNS Number : 6322J
Urals Energy Public Company Limited
09 August 2012
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Release of charge over Petrosakh
Petraco payment restructure
Urals Energy, the independent exploration and production company
with operations in Russia, is pleased to announce that Petraco Oil
Company Limited ("Petraco") has released its charge over the
Company's Petrosakh assets.
Background to the release of the charge
Under the terms of the debt repayment agreement with Petraco,
details of which were originally announced on 12 April 2010 (the
"Agreement"), Urals Energy pledged 97.2% of the shares it held in
CJSC Petrosakh to Petraco as security against the restructured
prepayment financing arrangements with Petraco (the "Petraco
Loan").
After the payment to Petraco of $10 million following the Taas
loan assignment, and in accordance with one of the terms of the
Agreement, Petraco has released its charge over the shares of CJSC
Petrosakh in full.
Petraco payment extension
In addition, the payment to Petraco scheduled for 31 July 2012
according to the Restructuring Agreement date 1 August, 2011
(further details of which were announced on 3 August 2011), has
been extended to 30 November 2012 (after the shipment of the tanker
from Arcticneft).
Commenting on today's announcement, Alexei Maximov, CEO
said:
"This marks an extremely important milestone in Urals Energy's
continued resolution of the legacy issues which have hampered its
progress and for the first time in many years, Urals Energy now has
one of its assets free of any security.
We are thankful to Petraco for their ongoing support and are
confident that we will be able to meet the remaining debt
obligations fully and in a timely manner according to our
agreements."
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
------------------------------------- --------------------
Alexei Maximov
------------------------------------- --------------------
Sergey Uzornikov
------------------------------------- --------------------
Allenby Capital Limited +44 (0)20 3328 5656
------------------------------------- --------------------
Nick Naylor
Alex Price
------------------------------------- --------------------
Pelham Bell Pottinger +44 (0)20 7861 3232
------------------------------------- --------------------
Mark Antelme
------------------------------------- --------------------
Maria Blank
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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