6th Jun 2014 08:44
LONDON (Alliance News) - Urals Energy Public Co Ltd Friday said it has entered into a secured short-term loan agreement with Petraco Oil Co Ltd, funds it said it will use to progress its 2014 drilling plan and for working capital financing.
Under the agreement, Urals Energy said Petraco will advance it up to USD7.6 million. The Petraco group is a privately owned trading company with offices in Lugano, Moscow, Singapore and Guernsey.
Urals Energy, an exploration and production company with operations in Russia, said the loan is repayable immediately following the loading of the next tanker shipment, which is scheduled for either mid-October or November 30.
Urals Energy shares were up 4.5% at 5.09 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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