RNS 14th Nov 201731 Oct 2018 11:00
Andrew Shrager, Chairman of Urals, commented:
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"We have been more fortunate with the price received for our oil shipped by the second tanker, and this has put the Company in a strong financial position. The fact that we now have increased production on Kolguev Island has allowed us to make these two shipments per year, rather than one, and has benefitted our cash flow considerably. It has been efficient, however, to continue to have the financial support of Petraco with a short-term pre-export loan finance facility ahead of each shipment, as it helps us to meet taxes and duties that have to be paid prior to the shipment being made, and releases our working capital for other operations. Shareholders are reminded that we will be paying our maiden dividend on 1 December 2017. Contradicts October RNS's on meeting tax liabilities and duties prior to shipments. So many Lies at the moment IMO