Urals Energy: Tanker Loaded as Company Aims to be Debt Free
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that the planned annual tanker shipment for export from Articneft on Kolguyev Island has been completed successfully. The tanker left Kolguyev Island on Saturday 9 November 2013 with 25,008 tons of crude (an equivalent of 198,537 barrels).
As previously announced the payment date for the remaining interest payment outstanding to Petraco Oil Company Limited, which totals approximately US$3.0 million, together with US$5.7 million repayable under the short term loan received from Petraco earlier this year is linked to the shipment of this tanker. This remaining indebtedness is anticipated to be settled before the end of 2013 at which point the Company will be entirely debt free.
