TIDMUEN

RNS Number : 1591V

Urals Energy Public Company Limited

10 December 2013

 
 Press Release   10 December 2013

Urals Energy PCL

("Urals Energy" or the "Company")

Petraco loan cleared in full

Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that the Company has settled its remaining indebtedness to Petraco Oil Company ("Petraco") totaling US$8.6 million. This settlement consists of US$3.0 million of the remaining interest payment outstanding in accordance with the restructuring agreement entered into with Petraco in April 2010 and US$5.6 million repayable under the short term loan received from Petraco earlier this year. The release of Petraco's collateral over Arcticneft is imminent and will be announced to the market upon receipt by the Company of all relevant legal documents.

Alexei Maximov, Chief Executive Officer of Urals Energy, said: "We are delighted to have delivered on our obligation to Petraco Oil Company and have now fully repaid all our outstanding debts and interest and, in doing so, have closed our obligation to them in full. As a result the Company's balance sheet has now been cleared of all debts and the collateral over Arcticneft is to be released imminently, which will allow the Company to seek financing alternatives in the near future.

"The Company would like to thank Petraco Oil Company for its ongoing support and is looking forward to many more years of mutual and beneficial cooperation. In addition the Board is extending its invitation to Mrs. Inga Srenger to remain as a director of the Company as she is a valued member of the Urals Energy Board of Directors.

"The repaying of the Petraco loan is yet another successful achievement for the Company, which further illustrates the Board's commitment to meet its obligations and see through the promises made to its stakeholders back in 2010. The management team looks forward to 2014 as a year in which the Company will make a number of positive developments going forward."

- 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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