Urals Energy Public Company Limited Payment to Petraco, arbitration and survey update (9609S)
December 07 2012 - 1:01AM
UK Regulatory
TIDMUEN
RNS Number : 9609S
Urals Energy Public Company Limited
07 December 2012
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
7 December 2012
Payment to Petraco, arbitration update and survey update
Urals Energy is pleased to announce that it has paid the final
loan principal amount of US$7,315,886.00 to Petraco Oil Company
Limited ("Petraco"). The payment was made immediately after the
receipt of funds for the November shipment of the tanker from
Arcticneft, further details of which were announced on 7 November
2012, in accordance with the terms of the restructuring agreement
entered into with Petraco in April 2010 (i.e. within 30 days of the
Bill of Lading). The only sums that remain outstanding to Petraco
relate to interest and are approximately US$3.0m. This remaining
interest payment is to be made before the end of 2013.
Arbitration update
Urals Energy is also pleased to announce that the arbitrator in
the ongoing arbitration against Vyatcheslav Rovneiko has issued a
fourth Partial Final Award on the issue of interest, which
determines that the amount due by Mr Rovneiko to Urals Energy as at
22 November 2012 is US$6,259,367.97 (inclusive of interest). The
arbitrator has ordered that Mr Rovneiko pay that sum to Urals
Energy together with penalty interest, which accrues at the rate of
US$2,319.09 per day until repayment has been made in full. The
Company has formally demanded payment from Mr Rovneiko and is
committed to use all appropriate means to collect the outstanding
amounts.
Survey update
The Company has entered into a contract to carry out a passive
seismic study for the identification of potential hydrocarbon pools
with Geodynamics Worldwide Srl, which applies a patented technology
for the detection and determination of resonance energies generated
uniquely by hydrocarbons. The technology will be initially utilized
at Kolguyev Island, Arcticneft, with the aim of increasing the
efficiency of drilling via detailed interpretation of hydrocarbons
within a specific area. The results are expected to be finalised by
Summer 2013.
Commenting on today's release, CEO Alexei Maximov said:
"We are extremely happy with the results of the last two months:
the successful shipment and sale of the tanker to Petraco, and
subsequent payment of the last portion of the debt amount. We thank
Petraco for its ongoing support and look forward to future
cooperation.
We are also satisfied with the results of the arbitration
against our former director, Vyatcheslav Rovneiko, which has
confirmed the Company's legal rights and vindicated our position
that this sum must be repaid to the Company.
With these two final legacy issues behind us, the Company is
well-equipped for a new evolutionary turn based on a strong balance
sheet, cleared reputation, and focus on increasing operational
efficiency in 2013 and beyond. The passive seismic study is the
first part of this."
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00
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Alexei Maximov
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Sergey Uzornikov
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Allenby Capital Limited +44 (0)20 3328 5656
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Nick Naylor
Alex Price
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Pelham Bell Pottinger +44 (0)20 7861 3232
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Mark Antelme
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Maria Blank
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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