TIDMUEN

RNS Number : 7958S

Urals Energy Public Company Limited

28 December 2016

 
                             Dissemination of a Regulatory Announcement 
                              that contains inside information according 
                              to REGULATION (EU) No 596/2014 (MAR).

28 December 2016

Urals Energy Public Company Limited

("Urals Energy", the "Company" or the "Group")

Loan financing update

The Board of Urals Energy PCL (AIM: UEN), the independent exploration and production company with operations in Russia, announces that further to the Company's announcement on 23 August 2016, the loan provided by Kamchatcomagroprombank ("KKAPB") for the acquisition of Arctic Oil Company Limited has now been repaid in full.

Following the repayment of the abovementioned loan, the Company's subsidiary JSC Arcticneft entered into a new short-term loan finance arrangement with KKAPB. KKAPB is a bank in which Mr Shvets, the shareholder of Adler SA, the Company's largest shareholder, is a board member and shareholder with 15.4% of KKAPB's issued share capital.

The principal terms of the new KKAPB loan are as follows:

Principal: Russian Rouble 40 million (approximately US$660,000)

Term: 31 August 2017

Interest margin over Central Bank Rate: 5%, equivalent to a total of 15% on an annualised basis

Security: part of the crude oil produced by Arcticneft

The proceeds of this new KKAPB loan will be used by the Group for the general working capital financing of Arcticneft.

Based on the data available from the Central bank of the Russian Federation, the Board believes that the terms of the new KKAPB loan compare favourably with potential terms from other Russian banks, as credit remains generally difficult to obtain in Russia.

Additionally, the Group is approaching the full repayment of the final tranche of one of its loan facilities with OJSC Sberbank of Russia ("Sberbank"), which was orignally put in place in 2015 (as announced on 30 June 2015). Following the full repayment of the 2015 Sberbank facility, the Group will have a single revolving finance arrangement in place with Sberbank (as originally announced on 20 September 2016). Further announcements will be made as appropriate.

- 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 company news service from the London Stock Exchange

END

IODKMMZZRNMGVZM

(END) Dow Jones Newswires

December 28, 2016 02:00 ET (07:00 GMT)

Urals Energy (LSE:UEN)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Urals Energy Charts.
Urals Energy (LSE:UEN)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Urals Energy Charts.