Urals Energy Public Company Limited Pre-export short term loan finance arrangement (1777P)
May 24 2018 - 4:22AM
UK Regulatory
TIDMUEN
RNS Number : 1777P
Urals Energy Public Company Limited
24 May 2018
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 Tel: +7 495 795
Leonid Dyachenko, Chief 0300
Executive Officer
Sergey Uzornikov, Chief www.uralsenergy.com
Financial Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor / Alex Brearley Tel: +44 (0) 20
3328 5656
www.allenbycapital.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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