21st Jan 2009 07:00
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Update re Disposal and Financing Arrangements
As previously announced, Urals Energy is finalising details of the arrangements for the disposal of its shares in ZAO Dulisma and Taas Yuriakh to Sberbank or an affiliate, in discharge of its loan obligations to Sberbank.
Also the Company has agreed a short term working capital facility (the "Facility") with a third party required for the Company to maintain production at Arcticneft and Petrosakh and meet some other financial obligations. The Facility is conditional upon approval of the disposal arrangements at the Company's EGM scheduled for 10am on 26 January 2009.
Further announcements will be made in due course.
21 January 2009
Enquiries:
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Pelham PR |
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Evgeniy Chuikov |
+44(0)20 3008 5506 |
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Mark Antelme |
+44(0)20 3178 6242 |
Related Shares:
Urals Energy Plc