Urals Energy Public Company Limited New credit facility with KKAPB (3590Y)
02 March 2017 - 9:55PM
UK Regulatory
TIDMUEN
RNS Number : 3590Y
Urals Energy Public Company Limited
02 March 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
2 March 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
New credit facility with KKAPB
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, is pleased to
announce that its subsidiary undertaking, JSC Arcticneft
("Arcticneft"), has entered into a new short-term non-revolving
credit facility (the "Loan") with Kamchatcomagroprombank ("KKAPB").
Under the Loan KKAPB will provide a total of 30 million Russian
Roubles (representing approximately US$0.52 million at prevailing
exchange rates) to Arcticneft, via several tranches.
The principal terms of the Loan are as follows:
Principal: Russian Roubles 30 million (approximately
US$515,000)
Term: 31 August 2017
Interest chargeable: 15% on an annualised basis
Security: part of the crude oil produced by Arcticneft
The proceeds of this new Loan will be used by the Company for
the general working capital financing of Arcticneft. The first
export shipment from Arcticneft is expected in June 2017 and the
Company intends to seek additional pre export financing in the
coming months.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
Leonid Dyachenko, Chief 0300
Executive Officer
Sergey Uzornikov, Chief www.uralsenergy.com
Financial Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor / Alex Brearley Tel: +44 (0) 20
3328 5656
www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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