2nd Oct 2015 11:28
LONDON (Alliance News) - Urals Energy Public Co Ltd on Friday said its has settled its Petraco Oil Co Ltd loan and said it has started test work on Well 54 at the Petrosakh project.
Urals said the loan it secured from Channel Islands-based oil trader Petraco has now been settled in full. In May, the company secured a USD6.0 million short-term loan from Petraco to cover costs related to the August 2015 tanker shipment from the Arcticneft project in Russia. That shipment was completed successfully, the company said in September.
In addition, the company said it has started production testing at Well 54 at the Petrosakh project, also in Russia, which has shown an initial flow rate. Urals said additional equipment is being installed at the well and it expects to be able to provide more detail on the expected production rate from the well in due course.
Shares in Urals were up 8.6% to 2.85 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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