2 Mar 2017 10:54
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.
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For further information, please contact:
Urals Energy Public Company Limited | |
Andrew Shrager, Chairman Leonid Dyachenko, Chief Executive Officer | Tel: +7 495 795 0300 |
Sergey Uzornikov, Chief Financial Officer | www.uralsenergy.com |
Allenby Capital Limited Nominated Adviser and Broker | |
Nick Naylor / Alex Brearley | Tel: +44 (0) 20 3328 5656 |
www.allenbycapital.com |