24 May 2018 10:22
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR). |
24 May 2018
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 has advanced the sum of US$5.0 million to the Company (the "Loan") ahead of the anticipated July 2018 tanker shipment from Kolguev Island.
The key terms of the Loan are that:
• it is repayable immediately following the loading of the tanker shipment of approximately 20,000 tonnes of crude oil, scheduled for July 2018;
• interest is chargeable at a margin of 5% over the two month US$ LIBOR rate up to the date of the bill of lading of the tanker, after which it reduces to 2% over the same US$ LIBOR rate; 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 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 |