Urals Energy Public Company Limited Pre-export short term loan finance arrangement (4241D)
26 April 2017 - 11:00PM
UK Regulatory
TIDMUEN
RNS Number : 4241D
Urals Energy Public Company Limited
26 April 2017
Dissemination of a Regulatory Announcement
that contains inside information according
to REGULATION (EU) No 596/2014 (MAR).
26 April 2017
Urals Energy Public Company Limited
("Urals Energy", the "Company" or the "Group")
Pre-export short term loan finance arrangement
The Board of Urals Energy (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$3.0 million to the
Company (the "Loan") ahead of the anticipated June 2017 tanker
shipment from Kolguev Island.
The key terms of the Loan are that:
-- it is repayable immediately following the loading of the
tanker shipment of approximately 30,000 tonnes of crude oil,
scheduled for June 2017;
-- interest is chargeable at a margin of 5% over US$ 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 Energy over 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
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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