26 Nov 2014 07:00
| 26 November 2014 |
Urals Energy PCL
(''Urals Energy'' or the ''Company'')
Receipt of tanker payment and discharge of Petraco loan
The Board of Urals Energy (AIM: UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has received the payment from Petraco Oil Company Limited ("Petraco") following its recent tanker shipment (the "Tanker Payment").
Following receipt of the Tanker Payment, Urals Energy has also repaid $3.9 million plus interest representing the full amount drawn under the short-term loan from Petraco, further details of which were announced on 6 June 2014.
Andrew Shrager, Chairman, commented: "We are pleased to be able to announce receipt of the Tanker Payment and the repayment of the short-term loan from Petraco, the result of which is that Urals Energy is now debt free. We look forward to updating shareholders on progress in securing an agreement to settle litigation with Mr V Rovneiko and our operational plans for 2015 over the coming weeks."
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For further information, please contact:
Urals Energy Public Company Limited |
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Andrew Shrager, Chairman | Tel: +7 495 795 0300 |
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Sergey Uzornikov, Interim Chief Executive Officer | www.uralsenergy.com |
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Allenby Capital Limited Nominated Adviser and Broker | ||
Nick Naylor | Tel: +44 (0) 20 3328 5656 | |
Alex Price | www.allenbycapital.com | |
Media enquiries:
Abchurch | |
Henry Harrison-Topham / Quincy Allan | Tel: +44 (0) 20 7398 7710 |
henry.ht@abchurch-group.com | www.abchurch-group.com |