12th Nov 2013 13:07
LONDON (Alliance News) - Urals Energy PLC Tuesday said the annual tanker shipment for export from Articneft on Kolguyev Island has been completed successfully.
The exploration and production company, with operations in Russia, said the tanker left Kolguyev Island on November 9 with 25,008 tonnes of crude, or roughly 198,537 barrels.
The company said the sales linked to the shipment of this tanker will be used to pay the remaining interest payment outstanding to Petraco Oil company Ltd, which totals approximately USD3.0 million, together with USD5.7 million repayable under the short term loan received from Petraco earlier this year.
Following the deal, which Urals Energy said would be settled before the end of 2013, the company will be entirely debt free.
Urals Energy shares were down 2.5% to 10.36 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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